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Should The Article 'Republicans Take New Tack On Taxing Companies' Overseas Profits

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The article, “Republicans Take New Tack on Taxing Companies’ Overseas Profits”, written by Richard Rubin and posted on Wall Street Journal on Aug 21, 2016 talks about the GOP candidates, Donald Trump may adopt the House plan to impose taxes on companies.
Currently, the U.S. attempts to tax the companies on income they earn globally, but it doesn’t work really well in practice. The companies don’t need to pay taxes on the profit they earned overseas until they bring their profits back to the U.S. later. Therefore, there are rooms for companies to accomplish tax avoidance by keeping the profits in low-tax countries and borrow the money if they need cash.
Therefore, Trump initially offered a tax-cut plan for companies by lowering the corporate …show more content…

Also, the plan changes the corporate tax rate to 20%, and the imports will be taxed while the exports will not be taxed. That means as long as the products are consumed within the U.S., there will be taxes applied to them, no matter where they are produced.
It could encourage many companies keep their productions at home, which may appeal to Trump who promised to bring more jobs and productions back to the country. The plans are not perfect, however, since the plan may give up taxation of high tech companies’ foreign profits.
Some arguments raised because GOP’s ideas were steep rate cuts, but when the plans are focusing on taxing something immobile, then establishing a low rate would be unreasonable.
At the same time, Mrs. Clinton would just want to recoup tax breaks from companies that ship products overseas and impose exit taxes on companies that move out of the country.
Compared to the GOP plans, Mrs. Clinton’s focus more on maintaining the tax policies and adding more punitive taxes. It is not changing the fact that many companies keep the foreign profits overseas and still costs the government more than $100 billion annually. In other words, if people want to see changes, Clinton’s plan may not be the best

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