Democrats think US corporations should pay US income taxes on foreign income. Are they crazy?

Democratic candidate for US Senate Richard Blumenthal attacked Republican candidate and former WWE CEO Linda McMahon on Twitter:

STAFF: 2009: WWE Didn’t Pay U.S. Income Taxes On $4.1 Million In Earnings From It’s International Subsidiaries.

Why should US corporations pay US income taxes on foreign income? They already paid taxes on that income in the country in which it was earned. Foreign corporations don’t pay US income taxes on foreign income, so why should US corporations? Charging US income taxes on earnings in foreign countries makes US corporations less competitive.

The US already has the second highest corporate income taxes among industrialized countries. The United States should be lowering corporate tax rates, not making it more expensive to be a US corporation.

Richard Blumenthal is encouraging US corporations to close up shop, move overseas, and save million of dollars in taxes.

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