There is an Tax Idea {Lobbyist Fine Print} floating around Congress recently -- that has been trying on different Costumes -- trying to figure out which Label, the public will benignly accept, this time around?
It goes by many guises: Corporate Tax Holiday, Tax Holiday, Bring our Profits Home.
The latest: Repatriate overseas profits; As if the Exploitation of Overseas Labor is actually a source of "National Pride" or something ... {instead of our shameful "National Scourge"} ...
REPATRIATION - Multinationals want to bring home, or repatriate, their overseas profits, but they do not want to pay the full 35-percent corporate income tax rate on them. They are lobbying for a repatriation holiday that would let them pay perhaps only 5.25 percent. The Obama administration may dangle the possibility of a holiday as a carrot to win other concessions, though many tax reformers abhor the holiday idea.
Factbox: Major tax breaks on reform hit list
by Kevin Drawbaugh, Reuters -- Aug 1, 2011
First "rob" "Capitalize on" the desperation of third world workers,
Then con convince your Home Country desperate for Revenues, desperate for those overseas Jobs -- that a 5% Tax is all you will tolerate.
Aren't "Corporate People" swell? They're always thinking ... swindling.
I fully expect to see the "Reinvest in America" lipstick, the "encourage the Job Creators" entourage trotted out -- before these "unpatriotic" Corporate Hogs figure out how to bring their latest Loot home, and divvy up it up with their true Clients ... those sequestered citizens patrons of Hogsville. Without the rest of us, even noticing ...
Firstly, we've tried this before -- it DID NOT deliver the Jobs, as promise. Although I'm sure it did promote a few serious "Holidays" in Upper-Crust-ville ...
[...]
Well, the truth is that we actually tried this before [A holiday on repatriated cash held overseas by large corporations] under the last stimulating President (Bush) with the Homeland Investment Act of 2004. And it flopped. [...]
[...] Repatriations did not lead to an increase in domestic investment, employment or R&D -- even for the firms that lobbied for the tax holiday stating these intentions and for firms that appeared to be financially constrained. Instead, a $1 increase in repatriations was associated with an increase of almost $1 in payouts to shareholders.
The Very Last "Stimulus" Card For Obama To Play
Joe Weisenthal, businessinsider.com -- Aug 2, 2011
Secondly, we've tried this before -- it DID NOT WORK!
It DID NOT -- put Americans back to -- WORK ... as advertised.
Money is power, so it just might happen again as it did in 2005 when President Bush and Congress appeased corporations with a tax holiday at a one-year 5.25 percent tax rate.
Companies with huge assets offshore were offered the opportunity to return $312 billion back to the United States at a much lower tax rate and stimulate the job market.
However, the majority of the money that returned into this country, a whopping 92 percent, was returned back to stockholders in the form of dividends and stock buybacks, according to the National Bureau of Economic Research.
Hiring and job creation remained flat.
Tax holiday from reality
by Cheryl Cook, theunion.com, Nevada City -- June 25, 2011
The Fat Cats DON'T need another Tax Break -- The Fat Cats NEED TO GO BACK TO WORK!
That Corporate "Golden Goose Club" -- needs to dig deep, and summon up some True "National Pride", from that bottomless pit, that they call a "soul".
In other words they need to "pay their fair share" -- like everyone else, who calls themselves Americans.
Like the patriotic Small Business Owners of Americans -- who are struggling every week to make payroll, to avoid laying off any more hard-working Patriots. THEY are the real heart and soul of the Country. THEY are the ones who need a Tax Holiday. The Fat Cats just need to hit the Gym ... and then maybe, a few Charities too.
Small Businesses Bash 'Tax Holiday' Plan For Corporate Titans
Zach Carter, Paul Blumenthal, huffingtonpost.com -- 06/22/11
Debra Ruh runs TecAccess, a small business that works with large companies and the federal government to help make their tech products accessible to people with disabilities.
[...]
"We need to hire people, but we don't have the cash or the credit to do it," Ruh says.
Although she runs about $2 million a year in total sales, Ruh's costs made the firm unable to keep employing 28 of her workers. Today, she's down to seven employees.
[...] Ruh is frustrated with the current debate over fixing the U.S. economy, which seems to be focused on tax perks for the wealthy and large corporations, while ignoring the plight of ordinary workers and small firms like her own. Any proposal that might have any small chance of creating jobs or stimulating the economy seems to require huge front-end profits for corporate titans.
The Fat Cats don't need any more Coaxing -- they need to "start pulling their own weight" -- or else just leave ALREADY, just leave the Country that gave them their start, that gave them their many opportunities, on the way up ...
Don't let the Screen Door hit ya in the ass, on the way out Fat Cats! See ya! Wouldn't wanta be ya.
So you, Congressperson-sell-outs, if you're going to push through the "Repatriate all those overseas profits" Costume anyways -- Please Don't Say it's to encourage the Job Creators -- because if you gave a damn about American Jobs -- you'd ALREADY be helping our Small Businesses, who actually HIRE AMERICANS when they get a Break. Whenever they get the chance. Whenever "American Jobs" becomes more than a Political Slogan.
Patriotism, starts at Home. Patriotism, starts on Main Street -- Not Wall Street.
Wall Street is where -- Patriotism goes to Die ... er, "get squashed".
And Wall Street and the Banksters, manage to do that quite well, without any "encouragement" from Congress, at all. It's their S.O.P. ... all you have to do is read the Lobbyist's Fine Print ...