Tax and send

Yes, "send"!

President Obama today announced plans to increase taxes on businesses doing business overseas. One plan is to remove or possibly reduce the credit for foreign taxes paid to other countries. So for example if a US company pays five million dollars in taxes to country X, their US tax bill is reduced by five million dollars. The same rule applies to US citizens paying tax in other countries and most states apply that same rule to income taxes paid to other states.

The problem is that the US already has some of the highest corporate taxes in the whole developed world. This will only increase the burden on US companies. At some point that will make it unprofitable for the company to be headquartered ("domiciled" is the correct term) in the US. When that happens, companies will move their jobs to other countries, increasing US unemployment. Is that the Administration's intent? If not, how do they plan to discourage that?

This whole idea is really unfair to America's workers. It will encourage moving jobs overseas. Is this the "Change we can believe in"?