Let’s forget this tax holiday nonsense…

Well…there is a little noticed but well-financed lobbying effort going on right now that is trying to get a free pass on taxes for companies that have stashed trillions of dollars of profits overseas to avoid paying federal taxes on them. These companies are pushing a reduction of tax rate from the normal 35% to only 5%…much less than any middle class individual pays on his earned income, to bring these profits back into the US. One of their big selling points for this tax cut is that they will use the money to create jobs; never mind that these companies are already sitting on over 2 trillion dollars in retained profits in the US that they are not spending to create jobs, so why would anyone expect them to spend any of this offshore profit? In fact, the last time a tax holiday was give to these same companies in 2004, they ended up cutting over 560,000 jobs but used the money to increase the pay of the top level managers of the companies while they were cutting these jobs. This is just another instance where corporations are manipulating the congress by buying votes and will end up lining their own pockets with this repatriated money….when does this nonsense stop?

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