If, for example, Intel is taxed on the 85% of their income currently earned and kept overseas (that they already pay taxes on in the country of origin) guess what Intel is going to do? Go ahead - take a guess. If you guessed that they would close up shop in America and open their headquarters in, say, Germany or China, you would be correct. And then Intel would not have to pay ANY American taxes because they would no longer be an American company. Because under King Obama's proposal, companies would get taxed twice - once by the country where the money is earned, and again by America. This could virtually wipe out a company's profits, and they will not tolerate it. There would be a mass exodus of companies from America to foreign shores, like rats deserting a sinking ship.
It's bad enough that liberals have chased American jobs out of the U.S. by having the highest corporate tax rate in the world, and the strictest, most expensive regulations. Now they also want to completely close American companies and make them Chinese companies. America would lose more jobs, and would lose any taxes they are now collecting from those businesses.
Either Obama and his liberal cronies have absolutely no clue about how economies work, or they do know, and are purposely trying to destroy the American way of life. I tend to think the latter because Obama has not made any secret about his desire to "redistribute the wealth", and his countless statements that America needs to be taken down a peg or two because we use so much of the world's resources. We're "too rich".
Yes, Obama knows exactly what he is doing, and the liberal media is covering for him by making it appear that he is doing a good thing.
The people need to wake up, get their heads out of the sand and start asking serious questions. They need to stop allowing the mainstream media to brainwash them, and begin seeking the truth. Otherwise, the liberals will succeed, and the America we end up with will not be an America we will like.