Two Million Jobs, $50 Billion to the Government

(Tom Galvin) - Sometimes, in politics, the math simply doesn’t add up. Here’s a case in point. There is a tax proposal, bandied about today by Cisco CEO John Chambers and Oracle President Safra Catz, which would help create 2 million new jobs AND provide the federal government with about $50 billion in tax revenues.

It’s innovative and productive and goes about solving our nation’s biggest problem – jobs – while addressing our growing deficit. Unfortunately up to now, the political math has looked like this:

Outsourcing rhetoric  > new jobs and tax revenues

The national politic discourse has been so hung up on demonizing those who dare to have overseas operations that it’s failing to take into account that U.S.-based multi-national companies want to invest in the United States. But it has to be a rational decision. Imagine two banks based right next to each other: one offers a 1% return on your money, the other a 10% return.  Which one would you give your money to? That’s what’s happening with our tax policy.

And that’s what makes the Chambers-Catz proposal so interesting. By creating a competitive tax rate, it incents companies to bring back profits that are overseas and invest them in the United States. That could mean as much as a trillion dollars flowing back into the U.S. economy, and $50 billion going to federal coffers. They estimate it could help create 2 million jobs. Here’s a short snippet of what they have to say:

“The amount of corporate cash that would come flooding into the country could be larger than the entire federal stimulus package, and it could be used for creating jobs, investing in research, building plants, purchasing equipment, and other uses. It could also provide needed stability for the equity markets because companies would expand their activity in mergers and acquisitions, and would pay dividends or buy back stock. And when markets go up, confidence increases and businesses and consumers begin to spend.”

For you WSJ subscribers, here’s the link: http://online.wsj.com/article/SB10001424052748704469004575533880328930598.html

Will Congress step up and do this? I guess we’ll have to see what happens after the election season is over. But this we know: with interest rates so low, there is little the Fed can do and with our deficit is so high it’s hard to fund a new stimulus. So, maybe it’s time for some new thinking.

Cisco’s Chambers and Oracle’s Catz seem to have done just that.

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