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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (123078)	10/8/2012 8:21:49 PM
From: RetiredNow	Read Replies (1) \| Respond to of 149317

I know. They should have appointed him Fed Chairman again, or found a younger Volcker to take his place. Instead, he was ignominiously ushered out of his place within the Administration. I guess they didn't like his truth telling.

To: Tenchusatsu who wrote (123078)	10/8/2012 8:44:00 PM
From: Sr K	Respond to of 149317

LETTERS \| October 7, 2012, 7:23 p.m. ET Paul Volcker's Views on the Taxation of U.S. Companies I was more than a little startled to see my name atop your editorial " Obama vs. Volcker, Et Al." (Oct. 4), so permit me to set out my personal views on corporate taxation. The present corporate tax rate is indeed way too high, while shot full of exemptions and loopholes that defy economic logic. I'd like to see the effective rate no higher than the average of other industrialized economies (and of the most important emerging nations as well). At the same time, the loopholes and favored treatment of some industries and companies should be swept away, sharply limiting any revenue loss from the lower nominal rate. Because American companies get a credit for foreign corporate taxes paid on their foreign operations, their U.S. liability would then be zero or quite small for the great bulk of their foreign operations, protecting their competitive position. In essence, U.S. tax due on foreign earnings by U.S. companies abroad would be largely limited to foreign "tax haven" countries—yes, including tiny Ireland that has made a policy of enticing foreign businesses on low corporate-tax grounds. That indeed seems to be close to your own view that territorial exemptions would in those circumstances be "less important." I would, in that circumstance, tax (at the new lower rate) world-wide earnings as President Obama has suggested. The benefit would be to greatly reduce, if not eliminate entirely, the incentive to manipulate "transfer pricing" and the hoarding of overseas earnings in foreign locales. It would practically end the incentive to outsource jobs in very low corporate tax-rate countries, which for the most part are economically small. In fact, it strikes me this is one area in which the candidates may be close to agreement. Paul A. Volcker New York online.wsj.com