Who's The Tax Cheat?

President Obama yesterday condemned as "tax cheats" US companies that benefit from lower corporate tax rates abroad. Problem: since almost every country on earth offers a lower corporate tax rate than the US, how are we to know which international investments are bona fide and which are "cheating"?

This is an especially urgent question since everybody agrees that the US must earn more overseas to pay its Chinese creditors.

Short answer: new reporting requirements plus 800 new IRS inspectors!

Long answer: the Barack Obama administration will leave the US economy much more heavily regulated - much more tightly inspected - and thus far less dynamic and competitive than the US economy of the past 3 decades.