Sorrell's Warning

In an interview with the Financial Times, Sir Martin Sorrell, the chief executive of the world's largest advertising agency, WPP, adds his voice to the warning issued by Microsoft CEO Steven Ballmer (reported here) about President Obama's proposed tax increases. Says Sir Martin: "the threatened tax changes on US corporates are quite severe: this is on the taxation of overseas earnings, which would cost most major companies $1.5bn-$2bn in after-tax profits. That must have a significant impact on employment, I would have thought, in the United States."