Tags: Deere | CEO | US | Manufacturing

Deere CEO: US Needs to Revitalize Manufacturing

Friday, 09 Dec 2011 07:38 AM

The United States needs to do everything it can to reinvigorate its manufacturing sector if its economy is to remain competitive in the global arena, says Samuel Allen, CEO of earth-moving machinery giant Deere.

Allen, who also serves as president of the Council on Competitiveness, says cutting regulations on business is necessary for the sector as well.

"If everybody would have to look at a cost benefit tradeoff to that regulation, I think we would be much, much better off and still be able to do the things that some of these regulations were intended to do," Allen says, according to CNBC.
__________________________________________________________

ALERT: Wall Street Whistleblower Warns of Meltdown — See His Uncensored Interview.

__________________________________________________________

Taxes need simplification as well, especially when it comes to taxing profits made overseas.

Unless Washington scraps double taxation policies, companies who earn and pay taxes on money overseas aren't going to bring it back home.

"The argument I’ve made when I meet with people on [Capitol Hill] is, if you don’t create an environment for people to repatriate [earnings] then they stay offshore and that doesn’t help the country either."

Other corporate leaders have pointed out the need to scrap taxes on repatriated profits.

"Guess where we're expanding? In Canada," says Cisco Systems CEO John Chambers, according to MarketWatch.

"They helped us with the tax issues. ... We need to get repatriation done."

In an op-ed piece in The Wall Street Journal last year, written with Oracle co-president Safra Catz, Chambers argued that roughly $1 trillion in overseas earnings of U.S. companies "could be invested in U.S. jobs, capital assets, research and development, and more," MarketWatch adds.

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
StreetTalk
The United States needs to do everything it can to reinvigorate its manufacturing sector if its economy is to remain competitive in the global arena, says Samuel Allen, CEO of earth-moving machinery giant Deere. Allen, who also serves as president of the Council on...
Deere,CEO,US,Manufacturing
1794
2011-38-09
Friday, 09 Dec 2011 07:38 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved