Here’s that word again. Loophole. Ugh. A loophole is not a bad thing, it’s the law. Ed Morrissey over at Hot Air does a great job so I’m going to avoid comment on this for now.
Head over to Hot Air for the full post.
Our friend Dan Mitchell at the Center for Freedom and Prosperity has taken a look at Barack Obama’s plan to “close loopholes” on American business taxes from overseas profit, and concludes that this could be as damaging to the economy as anything this administration has yet done. He calls the existing taxes on foreign revenues a “discriminatory” tax, one that already puts American business on a poor competitive footing abroad. The new effort will make that exponentially worse:
Here is the video from the center, which I will make our featured video right now.