Breitbart News economics editor John Carney said Wednesday on Fox Business Network’s “Kudlow” that Vice President Kamala Harris’ economic policies will drive jobs out of the United States.
Host Larry Kudlow said, “We forget that U.S. companies during the Obama administration often move their headquarters to tax climes like Ireland to avoid the high U.S. tax rate. The Business Roundtable estimates that some 2.5 trillion in income earned abroad returned to the U.S. as a result of Mr. Trump’s tax reform. And then it goes on to say if you go to 28 the U.S. will be an outlier. The OECD average 23 percent, the EU 21 and Asia including China 19. I mean, we’ll be an outlier.”
Carney said, “Right, I think this gives us the second highest effective tax rate out of anybody in the whole world. This would be a disaster. I’m sure the Europeans and the Asians are salivating over this plan. They’re probably saying, you know, on the phone with Kamala, saying, great job. This will be really good for our economy. It’ll be terrible for the U.S. economy. It’ll chase jobs out of America. She says she wants jobs to come to America. This is the anti-jobs plan.”
Kudlow said, “I mean, you haven’t had a headline of an inversion, meaning a company that’s leaving the US to go to Ireland, for example. Yeah, there hasn’t been a headline like that in seven years.”
Carney said, “We took away the incentive for companies to do that they are going to restore the incentives for companies to leave and it really will discourage investment because why would you when your tax rate goes up by that much it raises the hurdle rate it means businesses won’t get started. They say they want to start it on just corporations, but that won’t happen because then you have all sorts of games people play with not incorporating, so you raise taxes on all businesses.”
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