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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Tech cos enlist Democrat to blast Obama tax plan Mon Jun 8, 2009 2:03pm EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Kim Dixon WASHINGTON (Reuters) - A group of technology heavyweights, including chiefs of IBM (IBM.N) and Motorola Inc (MOT.N) enlisted a former Clinton administration economist to beat back President Barack Obama's plan to boost some taxes on overseas profits. The Technology CEO Council recruited Robert J. Shapiro, a former top Commerce Department official, who wrote a report released on Monday arguing that significant jobs losses could occur under Obama's plan. Last month, Obama introduced a proposal to raise $210 billion over a decade in part by tightening tax rules on income earned abroad. The administration says current policy spurs job creation overseas, while U.S.-based multinational companies say precisely the opposite is true. Shapiro acknowledged his job loss estimates don't correspond to Obama's proposal, because the report examines elimination of tax deferral of foreign income, while Obama's plan is a modified version of that. "The direction of the effect is very clear: it would significantly reduce the effective post tax earnings from foreign operations and in so doing would have these so-called adverse effects," which include job losses in the United States, Shapiro told Reuters. A respected economist who reviewed the report, however, questioned the underlying data assumptions cited. "Their numbers are just way out there," said Rosanne Altshuler, an economist at the Brookings-Urban Institute's Tax Policy Institute. For example, the Shapiro report estimates that repeal of deferral would have cut earnings at foreign subsidiaries of U.S. multinationals by $57.2 billion in 2004. But the congressional Joint Committee on Taxation estimates that the government has raised a fraction of that on annual basis from the policy, making that estimate seem inflated. Current law allows companies to defer income tax until they bring the income back into the United States, for example, in the form of dividends. Companies can take deductions on expenses linked to income earned abroad immediately though. Obama wants to require companies to delay deductions until the foreign income is claimed. "It's the no. 1 issue in Washington for a majority of high tech leaders at a time when there is a lot on the table in Washington," said Bruce Mehlman, executive director of the Technology CEO Council, which also includes chiefs from Intel (INTC.O) and Hewlett-Packard (HPQ.N). JOBS JOBS JOBS When introducing Obama's deferral plan, a senior Obama administration official said the goal is to spur a company to locate a plant in Michigan instead of Malaysia. Altshuler said she doubts the Obama administration's argument that his tax changes will save or create jobs, though and said "it is possible that it could decrease jobs." Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Sweden's free-Web Pirate Party captures Euro seat Also On Reuters China to require site-blocking software on PCs Full Coverage: Reuters Global Luxury Summit Blog: Should NFL give Vick a second chance? 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UPDATE 4-Airlines wait for Airbus directive after crash U.S. top court justice grants Chrysler sale delay Most Popular Articles RSS Feed Video Bodies from Air France crash found Lebanese vote in tight contest Men freed from China tunnel collapse Obama soaks up Parisian culture Tornado hits northern Italy Celebrations mark D-Day anniversary U.S. journalists get 12 yrs Mummies found in Peru No gas for this air-powered car Tokyo's top dog skateboards Most Popular Videos RSS Feed We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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