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Lenovo Building Manufacturing Plant in North Carolina
An anonymous reader writes "One of the major themes of the ongoing presidential election in the United States has been the perceived need to bring product manufacturing back to the United States. A recent announcement from Lenovo is going to play to this point; the PC manufacturer said today that it's building a U.S. location in Whitsett, North Carolina. The new facility is small, with just over 100 people and is being built for a modest $2M, but Lenovo states that it's merely the beginning of a larger initiative."
It makes sense: their U.S. HQ is a stone's throw away in RTP.
So, you're suggesting we should be in a race to the bottom and just eliminate all taxes on businesses?
Yes. Businesses should not pay income tax on their profits. They will either pay the profits out to their stockholders, who pay tax on the income, or they reinvest it to generate more jobs much more efficiently than the government would. By taxing businesses, we are just discouraging companies from investing and pushing jobs overseas.
Currently dividends are taxed at a very low rate (just as Mitt Romney) but that is because they are already taxed at the company level. But by taxing at the company level we end up taxing a poor shareholder saving for their retirement at the same rate as a centi-millionaire like Romney. If we let it all fall through to the individual investor, we can fix that.