A reader writes:
General Electric is planning to move its 115-year-old X-ray division from Waukesha, Wis., to Beijing. In addition to moving the headquarters, the company will invest $2 billion in China and train more than 65 engineers and create six research centers. It has to invest where it is profitable and where it can operate without excessive tax, stifling employment restrictions, and heavy regulation baggage, as in the USA.
If Obama would allow these worldwide corporations to repatriate their profits from other countries with minimal taxes, the jobs and the research centers would most likely stay in America.
We can not blame GE for this move. They have stockholders around the world, including China. Obama only answers to Americans. The fault is with an administration that creates or sustains regulations and tax policies that compel businesses to hire and innovate in countries that have enabling rather disabling regulations.
If this doesn't show you the total lack of focus of Obama, I don't know what does.
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