This is still happening?Large Corporations Are Getting Tax Cuts to Send Jobs Overseas and Pocket Big

[babsbunny]

http://blog.buzzflash.com/node/12930

Large Corporations Are Getting Tax Cuts to Send Jobs Overseas and Pocket Bigger Profits: It's That Simple

Submitted by mark karlin on Wed, 08/10/2011 - 7:11pm.


MARK KARLIN, EDITOR OF BUZZFLASH AT TRUTHOUT

BuzzFlash at Truthout proposed the other day that corporations should have their taxes increased to the highest possible level. But they could reduce those taxes dramatically: by proving that they have created jobs in any tax year and getting a tax credit for each new position.

There's only one very significant catch: the jobs must be created in the US, not overseas. If employers maintain their current workforce in America, they would also receive a tax credit. If businesses move jobs overseas, their taxes get raised higher depending upon the percentage of their workforce that is offshored.

Sounds like a sensible proposal. Create jobs in America and pay fewer taxes; move jobs overseas and pay higher taxes. Now this is where the rubber meets the road in determining who is really a domestic "job creator."

There is ample evidence that increased tax breaks for large corporations lead to two primary things: 1) expanding their workforce overseas, and 2) reducing their employees in the US and sitting on the profits. The stagnating unemployment crisis in the US is a testament to that.

An article in the Atlantic magazine from earlier this year provided ample evidence of this. Entitled "The Rise of the New Global Elite," it included the real "job creator" outlooks of the American global corporations. It noted the perspective of a US-based CEO:

[Doctor_J]

1. In 2009 the Repukes filibustered a bill to end these tax breaks

at which time the presdient should either issued a signing statement, or ordered Reid to invoke the nuclear option.

[Ohio Joe]

2. Gee... Now that looks like something easy to fix to create jobs

Douchebags.

[mmonk]

3. Of course. That's a major part of corporatism.

[BadgerKid]

4. Create domestic jobs = tax cut

I said as much in earlier posts. Good idea.

[Samantha]

5. Here is a link to the Republican filibuster and the names of Senate Dems

who supported it:

http://thedemocraticdaily.com/2010/09/28/some-dems-join-gop-outsourcing-filibuster/

"Sens. Joe Lieberman (I-Conn.), Jon Tester (D-Mont.) and Mark Warner (D-Va.) stood with a united Senate GOP on Tuesday to filibuster the Creating American Jobs and Ending Offshoring Act (S. 3816). An independent, Lieberman caucuses with Democrats, and as such holds a committee chairmanship.

In all, the bill failed on a 53-45 vote, with two senators not voting. A supermajority of 60 votes were necessary to overcome the filibuster and move the legislation to final passage.

The legislation would provide 24 months of payroll tax relief to employers for each job brought from overseas to the United States. The legislation would also close loopholes that provide companies with tax breaks for outsourcing manufacturing jobs."

Warner is not really a surprise to me, nothing Lieberman does surprises me, but Tester, yes, I know he does some questionable things but really, he answers to the people of Montana. Does they realize he helped block a vote on this issue?