It would still be possible to increase the profit in foreign jurisdictions, not just to reduce profit in the us so companies have some incentive to send profits to the us even if it is for one tax jurisdiction. If the us is the only country that adopt this plan the loss of Interest Deduction probably means they will be shifting in the other direction as well with respect to interest. That is multinationals in more than one location will to the extent allowed by laws in other countries be encouraged to borrow their rather than in the us and the elimination of tax on foreign source income which would also be true in a territorial system removes the incentive Many Companies are responding to in recent years to invert, relinquish their corporate residents to avoid paying taxes on repatriation and there would no longer be any such tax the extent of the countries have minimum taxes on their Resident Companies under the current territorial tax systems, in the case of profitshifting reduce the
It would still be possible to increase the profit in foreign jurisdictions, not just to reduce profit in the us so companies have some incentive to send profits to the us even if it is for one tax jurisdiction. If the us is the only country that adopt this plan the loss of Interest Deduction probably means they will be shifting in the other direction as well with respect to interest. That is multinationals in more than one location will to the extent allowed by laws in other countries be encouraged to borrow their rather than in the us and the elimination of tax on foreign source income which would also be true in a territorial system removes the incentive Many Companies are responding to in recent years to invert, relinquish their corporate residents to avoid paying taxes on repatriation and there would no longer be any such tax the extent of the countries have minimum taxes on their Resident Companies under the current territorial tax systems, in the case of profitshifting reduce the
Places. From 2003 to 2005, before that, worked on the president s council in the early bush administration. He was director of the chief economists for john mccains president ial campaign in 2008. Maybe we will hear a different perspective, i am sure you will hear once more destinationbased cash flow tax is all about. Or anything else he wants to talk about. [applause] it is always a pleasure. I appreciate the chance to talk about this. Time at a disadvantage. I am going to repeat things you heard. I want to talk about the prospects for tax reform, there is a definite consensus, Us Corporation income tax of chains, status quo is untenable for the foreseeable future, we need to have tax reform, in an unusual situation in 2017. One thing to think about is to get that done. We have relatively limited data on tax reform, looking at empirical evidence and what it takes to get it done, we dont do this very often. If you think back to 1986 reform, it really began in the mid1970s with people l
Mounting resistance from conservatives this the party. Texas congressman Louie Gohmert and House Freedom caucus offering up their own by he joins us this hour. Former congressional budget director douglas holtzeakin weighs in how much the republican plan may cost. A criminal investigation under way to who leaked cia secret to wikileaks. Were learning more how the spy agency is able to watch us through our tvs and phones even when we think theyre off. David thats a lovely thought. Look at oil. Some people saying this is one reason the market had a shaky day. It plunged this morning. As weekly inventory report showed a lot of supply. Much more than expected. It surged to more than 528 Million Barrels of extra supply. This is the biggest level on record. That drove oil to settle down more than five at 50. 28 a barrel. This is the lowest level a a. Of the year. Oil the oil stocks why down as a result. Melissa that went over to the dow dropping final hour of trading ending the day down 70 p
Oil hit 48. 11. That is the lowest since november. Wall streets top cop fired. The trump team ousted obama appointed u. S. Attorneys and the political fallout that could follow. Intel is buying mobile i for 15 billion in cash. Whats behind this big bet on wireless . And the big east bracing for a big storm that could bring up to two feet of snow in some areas. Wheat get a live look at preparations and what to expect. U. S. Attorney Preet Bharaha asked to step down along with 45 other u. S. Attorneys appointed by president obama. Just weeks after the election, he met with the president elect at trump tower and agreed to stay on the job. He tweeted, i did not resign. Moments ago i was fired. Being the u. S. Attorney in the Southern District will be the greatest honor. Guys, you both know him very well. Well listen to some sounds in a minute. What does all this mean . Everyone serves at the discretion of the president. I just think they definitely got their signals crossed here. Preet got