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Territorial Taxation: An Idea that Should be Part of Tax Reform

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President Donald Trump and Republican leaders from both houses of Congress are about to undertake the challenge of designing tax reform legislation that can be passed and signed by the president. The concept of territorial taxation is a key idea that should certainly be included in the reform package to create new jobs and boost wages for U.S. workers. This is a key opportunity for President Trump to fulfill his campaign promise to improve the economy for the forgotten middle class Americans who propelled him into the Oval Office.

Trending: FBI Spooks Cover for ANTIFA Terrorists, Absolving Them From Their Role in Nationwide Riots

The U.S. imposes not only the highest top marginal tax rate in the developed world, but also heavily burdensome taxes on international business income. Our tax system deters companies from being headquartered in our country, trapping large amounts of corporate profits overseas. The compliance costs of our tax code are excessive and create huge distortions of economic activity. Key reforms to these aspects of our tax system would lead to economic growth and the creation of many, many new jobs for the American people.

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Taxing corporate income on a territorial basis would levy the taxes on income earned within the borders of the country where that income is earned. This avoids the double taxation of the worldwide approach, where corporate income is taxed both on where the income is earned and where the corporation is headquartered.

As the U.S. still largely uses the worldwide taxation system, many countries around the world are changing to taxation on a territorial basis. If the U.S. also does this, it would free up about $1.7 trillion currently trapped overseas. This income could be invested in the U.S. economy, creating many new jobs. Just that change alone in our tax policy would have great benefits to the American people.

While some claim that territorial taxation will increase overseas investment, most economists confirm that the combination of foreign and domestic investment has a synergistic relationship that helps create strong domestic economic growth. Economics studies of countries that have adopted territorial taxation confirms this is true.

It is easy to make a populist argument about worldwide economics based on a zero-sum view, but it is quite myopic to do so. Increased investment, both foreign and domestic, is very much that “rising tide” that “lifts all boats” as referenced by President John Kennedy. That rising tide will help create millions of jobs for Americans. The increased activity that will result from territorial taxation will also increase the revenues obtained from corporate taxes.

Under territorial taxation, corporate income would be taxed in the country where it is earned, and under the version proposed by Rep. Dave Camp (R-MI), the Chairman of the House Ways and Means Committee, 95 percent of foreign income would be exempt from double taxation. Tax policy should be neutral in its effect on how business make investment decisions, a key concept that would be true of a system of territorial taxation. In truth, worldwide taxation decreases investment.

A territorial tax system would increase investment by U.S. companies, allowing them to be more competitive around the world. Eliminating U.S. taxes on foreign earnings would free up that income to be brought back to the U.S., which would also increase investment in our economy.
The benefits of implementing a territorial taxation system should make it a no-brainer for Congress and President Trump. This system should undoubtedly be used because the American people will be far better off as a result.

Edward Woodson is a lawyer and now host of the nationally syndicated Edward Woodson Show, which airs daily from 3 to 6 pm EST on gcnlive.com.

Congress

Twitter Censors Congressman Matt Gaetz to Protect ANTIFA Domestic Terrorists

Twitter is a social media platform that harbors terrorism.

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The social media platform Twitter censored Rep. Matt Gaetz (R-FL) on Monday because he called out the domestic terrorists in ANTIFA in a post.

The offending Tweet can be seen here:

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Gaetz has repeatedly refused to back down from his assertion that ANTIFA should be hunted down like ISIS and similar terrorist groups:

Twitter is once again giving harbor to ANTIFA terrorists, as journalist Laura Loomer has pointed out is often the case. She has called for Twitter CEO Jack Dorsey to be locked up because he regularly allows his platform to be used by the terror group to promote violence and harassment.

Big League Politics reported on Loomer’s call for action against a Silicon Valley giant that unabashedly stands with the enemies of America:

Congressional candidate and banished journalist Laura Loomer is calling for Twitter CEO Jack Dorsey to be arrested because of his association with the ANTIFA domestic terrorist group.

“After censoring President Donald Trump’s tweets about violent riots, Twitter CEO Jack Dorsey put #BlackLivesMatter as the header on the official Twitter Twitter account,” Loomer wrote in a post on the social media platform Parler.

Loomer noted that Dorsey has allowed his platform to be used by ANTIFA members despite the fact that they have egregiously flouted their terms of service by organizing terrorist violence and targeted harassment campaigns. At the same time, Twitter has punished conservative leaders like Loomer with lifetime bans for merely expressing their own opinions in a non-violent manner.

“Jack Dorsey is aiding and abetting terrorist organizations by allowing for ANTIFA terrorists and Islamic terrorists to have access where they are promoting anarchy and lethal riots,” she wrote.

“In the middle of a national emergency, he is also censoring the commander in chief who is posting about the army and national guard responding to the riots,” she added.

Loomer believes that there is a case for Dorsey to be tried with treason for his actions, and the feds should set their sights on him for enabling some of the worst rioting in U.S. history.

“For this, Jack Dorsey should immediately have his home raided by the feds Roger Stone style and be charged with inciting acts of domestic terrorism in America,” she wrote.

“It’s time for Jack Dorsey to be prosecuted for aiding and abetting terrorists and committing TREASON. #LockHimUp,” she added.

President Trump has announced that ANTIFA forces will be treated like terrorists, as Big League Politics has been urging him to do for many years.

It may be time for ANTIFA and their sympathizers like Dorsey to be treated like enemy combatants.

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