Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Morici: Obama's proposal for taxing U.S. oil companies would reduce U.S. economic growth
On July 15, U. of Maryland economist Peter Morici (US debt ceiling deal a prelude to ultimate default) pointed out that President Obama's proposed tax hike for foreign oil companies would actually slow economic growth. He wrote:
Morici did not mention it, but Obama's proposed tax hike could also cause U.S. oil companies to move their headquarters elsewhere so that they would no longer be at all liable for paying U.S. taxes on revenue earned abroad.
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