Well…as more and more comes out on the results of the 2004 tax repatriation nonsense, I just had to write more about about it…hope your not bored but someone has to keep pointing out what the country will look like if you elect a repub president. The neat little tidbit that come out today was the fact that the repubs took out any reporting requirement for what was done with the money that was returned. They just listened to the businesses when they said “trust us” we’ll be good boys and girls and hire hundreds of thousands of workers. But, what really happened? Hundreds of thousands of jobs were cut and the pay of the ceo’s and other high ranking officers of those companies skyrocketed…basically rewarding themselves for stealing more, and more and more. This faith based economics is what is wrong with the country and will be many, many, times worse if we vote these idiots in in 2012. Geez….
Tag Archives: tax holiday
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?