"big businesses" will have to fire people or increase their prices to remain competitive successful
Goddammit, wrong, wrong, WRONG.
Taxing profits does not mean labor reduction. And raising prices on nonessential goods and services (like beer) sold under marginal tax rates on international markets just means that non-international U.S. companies selling in the same vertical (like Yuengling, Sierra Nevada, Iron City, Boston Beer/Samuel Adams, etc., etc., etc.), and who DON'T get to take advantage of these stupid offshore tax loopholes, they get a chance to compete.
What REALLY happens is these companies are forced to cut dividends. Who is most impacted by a 10-20% dividend cut? The ultra-rich. The majority stockholders. The multi-millionaires who have a 20% effective tax rate. This WHOLE THING is a back-handed capital gains tax.
This whole argument is bullshit. For every global mega-corp which is going to get hit by this loophole closure, there are a dozen or more other competing U.S.-based businesses who pay ALL of their taxes. These will see an incremental gain in relative market advantage, and they have that much better of an opportunity to compete. All you trickle-down people need to look at it from the perspective for small and medium-sized businesses and say "hooray for fair competition in the free marketplace". Isn't that what you all purport to believe in?
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BTW, how does your example conflate with taxing international profits? Chicago is only 75 miles away from Milwaukee. It's still the same company and it still employs U.S. workers. You think Miller is going to relocate to Singapore? Hardly.
