I don’t agree with all of the former President’s prescriptions to fix an ailing economy, but this bit of advice strikes me as being dead-on accurate:
The only fair thing to do is a version of what we did with individual tax reform back in the ’80s. We need to broaden the tax base by cutting down on deductions and credits and lower rates. I think Congress will do that within a year. I would also like to see money repatriated now for free, with no taxes. We’re the only rich country in the world that still imposes taxes on corporations on money they earn overseas. I think they ought to bring it back for nothing if they put people to work with it. And if they want to spend it on compensation or stock buybacks or dividends, let them pay the long-term capital gains rate.
Too bad that Clinton’s own party–which is joining the Occupy Wall Street crowd in its incessant bashing of economy-spurring corporations–won’t exactly be inclined to listen to this bit of advice. And too bad that Clinton’s successor in the White House seems willing to do his best to ensure that Clinton’s advice on tax reform won’t see the light of day.