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Clinton Calls For More Patriotic US Tax Code ,
by Leroy Baker, Tax-News.com, New York
Wednesday, March 26, 2008
Democratic Presidential hopeful Hilary Clinton restated her belief in a newspaper interview on Monday that reform of the country's tax and trade policies is needed, so that US companies are discouraged from investing overseas rather than at home.
Following a recent speech in Philadelphia, Clinton told the Pittsburgh Business
Times that the US tax code should not reward those companies
which set up foreign operations to reduce their US taxes.
"I do believe that we have to change the tax code, and quit giving tax
incentives to companies that export jobs out of the country," she argued.
She also indicated that a Clinton White House would review trade agreements
to "make sure they affect the reality of the global economy we're in".
"So many companies we trade with take advantage of our open markets,"
she told the paper.
As part of her nine-point tax plan, announced last year, Clinton has pledged
to reform US international corporate taxation by changing parts of the tax code
which enable companies to defer paying American taxes for as long as they hold
the money abroad, a policy that she contends is encouraging the offshoring of jobs,
while placing companies that create jobs in America at a competitive disadvantage.
"Let's once and for all get rid of the incentives for American companies
to ship jobs and profits overseas," Clinton declared in a speech at the
Manchester School of Technology in New Hampshire last year.
"It is one thing for the marketplace to encourage overseas investment.
It's another for our own tax code to do so. We actually put companies that want
to create jobs here on our shores at a disadvantage to those who ship jobs to
tax havens," she argued in her speech.
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