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No lloren por las empresas de Estados Unidos

NEW HAVEN – Los recortes al impuesto corporativo están llegando a Estados Unidos. Si bien esta iniciativa es anterior a la elección presidencial del pasado mes de noviembre, el mantra "Hagamos que Estados Unidos vuelva a ser grande" del presidente Donald Trump ha sellado el acuerdo. Las empresas norteamericanas atribuladas, sostiene el argumento, se las ven de figurillas por culpa de impuestos confiscatorios y regulaciones onerosas -lo que ahoga las ganancias corporativas y ejerce una presión implacable sobre el gasto de capital, la creación de empleos y la productividad, a la vez que debilita la vitalidad competitiva de Estados Unidos-. Aparentemente, llegó la hora de darles un respiro a las empresas.

Pero este argumento plantea un interrogante obvio: si el problema es tan simple, ¿por qué esta reparación no se puso en práctica antes? La respuesta sorprende.

Por empezar, es realmente exagerado lamentarse por el estado de las ganancias corporativas en Estados Unidos. Las estadísticas del Departamento de Comercio demuestran que las utilidades después de impuestos (técnicamente, las utilidades después de impuestos a partir de la producción actual, ajustada por inventario y distorsiones que tienen en cuenta la depreciación) se mantuvieron en un 9,7% sólido del ingreso nacional en el tercer trimestre de 2016.

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