Bush Center Tax Conference 04/10/12 LIVE STREAMING VIDEO
The 4% Growth Project was launched by the Bush Institute in 2011 with the goal of achieving sustainable and real GDP growth of four percent, an attainable level that will ensure Americans of better jobs, lower debt, and vastly increased opportunity and prosperity. Through this conference and other events, the 4% Growth Project will identify changes in government policy and business practices that will produce higher growth and advocate those changes to policy makers and the public. The aim of this conference, as well, is to change the economic conversation in America so that it focuses on growth and what causes it.
Join the conversation on Twitter using the hash tag: #4percent
Conference Agenda
Tuesday, April 10, 2012
8:30 a.m. – 9:00 a.m.Welcome and Opening Remarks
The Honorable Mark Langdale
President, George W. Bush Foundation
The Honorable James K. Glassman
Founding Executive Director, George W. Bush Institute
Steve Forbes
Chairman and Editor-in-Chief, Forbes Media
9:00 a.m. – 9:40 a.m.Plenary Session
The Honorable George W. Bush
43rd President of the United States
The Honorable Chris Christie
Governor of New Jersey
9:40 a.m. – 10:40 a.m.Panel Discussion I
State Governments and Taxes
10:40 a.m. – 11:40 a.m.Panel Discussion II
Governors’ Roundtable
12:00 p.m. – 1:00 p.m.Concurrent Breakout Sessions
The Federal Government’s Record on Taxes: the 1920s, 1950s, 1960s, 1970s, 1980s
or
Nations and Taxes
2:00 p.m. – 2:30 p.m.Featured Address
Paul A. Gigot
Editorial Page Editor and Vice President,
The Wall Street Journal
The Honorable Paul Ryan
Chairman of the House Budget Committee
2:40 p.m. – 3:40 p.m.Concurrent Breakout Sessions
Markets and Taxes
or
Let's Get Real: Business Leaders
3:50 p.m. – 4:50 p.m.Closing Panel Discussion
Blitz Solutions
PDF: TEXT CREDIT: George W. Bush Presidential Center 877-254-4160 || P.O. Box 600610 || Dallas, Texas 75360 || info@bushcenter.com
VIDEO CREDIT: Bush Presidential Center Channel
1 comment:
For US GAAP, FAS 109 (ASC 740) exempt the income of foreign subsidiaries from US tax if they are "permanently invested" overseas. When the decision is made to remit those earnings, tax is imposed.
Keeping the earnings "permanently invested" overseas treats the earnings more favorably than comparable US earnings, thereby making the foreign earnings more attractive and investment to earn US-based earnings far less attractive in the company's financial stateements.
Moreover, the subjective judgement as to whether earnings "will" or "will not" be "permanently invested" allows management to manipulate company's earnings. (I know one Fortune 50 company that boosted earnings by 6% by reversing its decision to remit foreign subsidiary eanrings to the US.)
This aspect of the FAS/ASC tax accounting pronouncements should absolutely be eliminated, so that ALL foreign earnings are treated as though they will ultimately remitted to the USA so that they can be subject to tax in the financial statements (after any estimated foreign tax credits).
This will put US and foreign earnings and investment on the same basis as US earnings and investment so that there is no longer an advantage to foreign investment over US investment. The investment decision should be tax neutral.
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