As the saying goes, the road to hell is paved with good intentions. For decades, Washington politicians have tinkered with corporate income tax rules, with the laudable goal ofrngetting U.S. -based multinationals to pay their "fair" share of taxes on growing overseas operations. The result has been a disaster: a corporate tax system that no one understands, that requires vast resources to comply with, and that altogether contributes only 10% of federal revenue, on average. And, oh, yes-the current rules seem to encourage U.S-based multinationals to move jobs overseas.rnUnfortunately, President Barack Obama's latest proposal to get U.S. -based multinationals to pay higher taxes on their foreign profits does nothing to fix these problems. The tax system will become even more complex, an unintentional stimulus package for tax lawyers and accountants. And U.S. -based multinationals will find themselves at a bigger taxrndisadvantage compared with competitors headquartered outside the U.S., which operate under a different set of tax rules. The end result could well be fewer good jobs in the U.S.
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