“Overseas investments,” writes Steven Malanga, “rarely cost jobs in a corporation’s home country,” but instead bring substantial benefits for the home country. President Obama has proposed eliminating what he sees as an unfair incentive in the tax code for U.S. companies to move jobs overseas. In fact, as explained in an earlier post, the provision he is targeting—which allows U.S. firms to defer tax liability on the profits they earn abroad—was designed to mitigate the disadvantages of the U.S. tax code for U.S. companies competing globally. But what about this …
