Show New Restrictions Are Not The Answer The proposed Foreign Trade and Investment Act of 1972 better known as the Burke Burke Hartke bill is being suggested suggested sug sug- as a quick solution to such complex problems as domestic unemployment rising imports and declining exports Far from solving these domestic problems the approaches bein being suggested would only vorsen worsen them for everyone particularly the average working American For example aItho although gh its it's popular to talk about tax lax reform the tax provisions of the Burke Burke Hartke Hartke bill would require U U. S. S forms to pay a double tax on their foreign earnings Since foreign governments either do not tax the foreign earnings of their multinational companies atall at atall atall all all or do not tax them until they are remitted back to the home country U. U S S. S firms would be unable to complete internationally and would be forced to give up foreign markets to foreign firms Since 40 per cent of all U. U S S. S manufactured exports go to the foreign affiliates of U U. U S S.- S. firms labroad abroad hundreds of oC thousands of U. U S S. S jobs would be lost to say say nothing of the in our balance balanc of payments deficit or the deterioration in the international competitive position of American industry which would occur Our problems wont won't be solved through politically politically cally expedient solutions which pit labor management and government against one another What is needed are positive positive tive innovative policies which attack the root causes of our current economic problems Proposals like the Burke Burke- Hartke bill are part of the problem problem not not the answer |