Stephen Moore: Corporate Tax Rate Pushing Companies Out of US

Monday, 07 Jul 2014 01:18 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The United States' high tax rate is forcing company to consider leaving the United States and establishing their corporate status in other countries, says economist Stephen Moore.

Moore cited the example of drugstore chain Walgreens, which is considering renouncing its U.S. tax citizenship to escape the steep corporate tax rate of 35 percent.

Urgent: Don't Underestimate Your Risk for Heart Disease. Free Online Test Now

Story continues below video.



Note: Watch Newsmax TV now on DIRECTV Ch. 349 and DISH Ch. 223
Get Newsmax TV on your cable system – Click Here Now

"This is a big, major problem that almost all policymakers should really recognize — which is the United States now has the highest corporate tax rate in the world," Moore told J.D. Hayworth on "America's Forum" on Newsmax TV on Monday.

Walgreens is about to acquire the European drugstore chain Alliance Boots and is considering doing a corporate inversion, also called a tax inversion, which means changing the tax domicile of the company to the overseas country. If that were to occur, the U.S. would no longer be able to tax earnings overseas, the San Francisco Chronicle reported.

"It's sending jobs overseas to countries like Singapore and countries like Taiwan and countries like Indonesia and Switzerland and other countries that have lower rates because tax rates matter and investment flows to those countries on balance that have lower tax rates," he added.

According to Moore, this is the third "major iconic American company in the last month or so that has talked about moving out of the United States."

Medtronic Inc., a major medical-device maker, is planning to move to Ireland, and pharmaceutical giant Pfizer Inc. is "investigating" a move to Ireland.

"We're not going to have any corporations or jobs left in this country if we don't do something about our corporate tax rate," Moore contends.

Vote Now: Do You Approve Or Disapprove of President Obama's Job Performance?

Related Stories:

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Huckabee Calls for Pastors to Flood Houston Mayor With Sermons

Sunday, 19 Oct 2014 16:47 PM

Former Arkansas Gov. Mike Huckabee wants the nation's pastors to send Bibles and copies of all of their sermons to Houst . . .

RNC, DNC Chairpeople Square Off on Senate Fate, Ebola

Sunday, 19 Oct 2014 16:37 PM

Democratic National Committee Chair Rep. Debbie Wasserman Schultz claimed Sunday that her party will keep control of the . . .

Rep. Tim Murphy: Dealing with Ebola Like Dealing with Terrorism

Sunday, 19 Oct 2014 13:32 PM

Dealing with the deadly Ebola virus is like dealing with terrorism, says Rep. Tim Murphy, chairman of the House Oversigh . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved