Obama To Jack Up Taxes On American Companies That Do Business Overseas

Obama says he’s going to “save” the government $210 billion over the next decade as if the money were the government’s in the first place and they were “spending” it by allowing these businesses to keep it. But what I’m wondering is, if Obama really wants to keep American businesses in America…why doesn’t he just cut back on the taxes and regulations that drive American businesses out of America?

WASHINGTON (Reuters) – President Barack Obama on Monday will propose changing provisions in the tax code that he says encourage U.S. companies to move jobs overseas, as part of a broader package aimed at saving $210 billion over 10 years.
U.S. officials said that in an announcement planned for 11:05 a.m. EDT, Obama will seek to follow through on a campaign promise to change the tax treatment of American firms with overseas operations.
That portion of his plan — opposed by such firms as Pfizer Inc and Oracle Corp — would raise more than $100 billion in revenue over the next decade. …
Currently, U.S. firms are allowed to defer paying taxes on profits earned overseas if they plow those profits back into their foreign subsidiaries.
Critics say those rules encourage businesses to bolster their foreign operations instead of creating jobs at home.
But an array of firms signed onto a letter to congressional leaders in March opposing changes to the so-called deferral provision, saying they would make U.S. businesses less competitive.

I don’t think there’s any doubt that this move would make American businesses less competitive abroad. America’s second-highest-in-the-world corporate tax rate already puts American businesses at a competitive disadvantage, now we’re going to exacerbate that problem.
If Obama really wanted to keep American businesses in America, and create more jobs here at home, why not give these companies a tax break? Why not give them incentive to keep their operations here in America by not taxing them to death?
Unfortunately that’s not Obama’s real goal here. His real goal is more revenue to staunch the bleeding in the massive budget deficits that he himself has created. Not single-handedly, mind you. Obama came into office with about a $400 billion deficit. But he has since inflated that to $1.75 trillion, and is desperate for revenue.
Thus, American businesses are in Obama’s cross hairs.