American taxes force U.S. businessmen back from abroad
The Cummins diesel engine distributor in Hong Kong, J.W. Streeter, commutes 5,636 miles every month to work from his home in Honolulu. He does so gladly. Before he moved from Hong Kong back to the U.S. in 1979, Streeter had been spending $65,000 a year on rent and education for his four children. Although these costs resulted directly from his work in Hong Kong, the Internal Revenue Service did not give him full tax credit on them. Says he: "I'm saving at least $1,500 a month by...
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