As is my understanding, you will never achieve the same speeds when using ICS.
When your phone is communicating with the internet, it is dealing with one lot of data being sent and one lot of data being returned.
But when connecting your computer via your phone, your phone has to take that data from your computer, then pass it on. So it is dealing with one lot of data to/from your computer, and another lot of data (the same data!) to/from the internet - So you are doubling the amount of work the phone does. Your phone only has the one radio chip for this data, so it has to alternate between all the incoming and outgoing data.
You get the same slow-down on home wifi networks if you use a wifi repeater.