Quote of the Day

Intel CEO Paul Otellini speaking at a technology forum:

"the next big thing will not be invented here. Jobs will not be created here. And wealth will not accrue here. Ultimately, we will face an inevitable erosion and shift of wealth—much like we are witnessing today in Europe."

[...]

"Our combined state and federal corporate income tax rate"—about 38%—"is the second highest in the industrial world. It is precisely these high statutory corporate rates that punish the most dynamic and innovative firms and hinders their ability to compete globally," Mr. Otellini said. "I can tell you that it costs $1 billion more to build, equip and operate a semiconductor manufacturing facility in the U.S. Ninety percent of the cost difference is the result of tax and incentive policies. With such policies, are we surprised that companies are investing overseas?"