30 September 2011

Bloomberg Businessweek: Small businesses are killing America

This week's Bloomberg Businessweek, page 10-11:
[T]he notion that small business is the force behind prosperity is not true. [...] So let's revisit the home-office tax deduction, which costs the IRS $9 billion in [annual] revenue.
And on 66-67:
U.S. multinationals like Pfizer, Cisco, and Apple have parked more than $1.3 trillion in profit overseas, avoiding federal income taxes.
You can't have it both ways, Bloomberg. Either small businesses are killing America, or transnational megacorps evading taxes by offshoring all their capital are starving the Treasury. I think I know which scenario is more plausible.

1 comment:

Frank said...

I remember looking at the home-office deduction and deciding it was too much trouble for too much payback.