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Keith Olbermann talked to Rolling Stone's Matt Taibbi about another really horrible idea that's apparently gaining bipartisan support with our politicians -- another one of these repatriation tax holidays where corporations are rewarded for offshoring their profits by being allowed to bring them back to America for rates as low as just over 5%.
As Matt pointed out here, this does nothing to create jobs as we saw from the last time they did this. They just pocketed their money and laid off their workers anyway. And it's counterproductive because allowing this to go on just encourages more of it. If they actually tied this to job creation, in the United States, and penalized them if they did not use the money to hire Americans, I might be able go get on board for them having their rates lowered to some extent, but I suspect the chances of that happening are somewhere between slim and none.
As Keith noted, maybe everyone should ask our members of Congress to read Matt's articles on the topic at Rolling Stone. They're going to be taking the next month off campaigning and fundraising, so I'm sure there will be plenty of time for their constituents to ask them about this at their town hall meetings.
Here's the latest from Matt at Rolling Stone -- Evil Corporate Tax Holiday Gains Bipartisan Support:
The madness that is the proposed tax repatriation holiday is continuing and gathering steam. More and more members of congress are coming out of the woodwork, scratching their chins in contemplative consideration as it were, pretending that theyve just realized what a great day a corporate tax holiday would be not that theyve taken gazillions of dollars from the firms lobbying for it or anything.
The latest convert seems to be Nevada Democrat Shelley Berkley. Berkleys plan is to offer a pseudo-holiday not the full-fledged happy-ending massage the companies wanted (i.e. a reduction from 35 percent+ to 5.25 percent) but a mere ten-point shave... Read on...
Corporate Tax Holiday in Debt Ceiling Deal: Where's the Uproar?:
Have been meaning to write about this, but Im increasingly amazed at the overall lack of an uproar about the possibility of the government approving another corporate tax repatriation holiday.
Ive been in and out of DC a few times in recent weeks and one thing I keep hearing is that there is a growing, and real, possibility that a second one-time tax holiday will be approved for corporations as part of whatever sordid deal emerges from the debt-ceiling negotiations.
I passed it off as a bad joke when I first saw news of this a few weeks ago, when it was reported that Wall Street whipping boy Chuck Schumer was seriously considering the idea. Then I read later on that other Senators were jumping on the bandwagon, including North Carolinas Kay Hagan.
This is what Hagans spokesperson said:
Senator Hagan is looking closely at any creative, short-term measures that can get bipartisan support and put people back to work. One such potential initiative is a well-crafted and temporary change to the tax code that encourages American companies to bring money home and put it towards capital, investment, andmost importantlyAmerican jobs.
For those who dont know about it, tax repatriation is one of the all-time long cons and also one of the most supremely evil achievements of the Washington lobbying community, which has perhaps told more shameless lies about this one topic than about any other in modern history which is saying a lot, considering the many absurd things that are said and done by lobbyists in our nations capital.
read full story, see video Matt Taibbi: Corporate Tax Holiday Gaining Bipartisan Support | Video Cafe
As Matt pointed out here, this does nothing to create jobs as we saw from the last time they did this. They just pocketed their money and laid off their workers anyway. And it's counterproductive because allowing this to go on just encourages more of it. If they actually tied this to job creation, in the United States, and penalized them if they did not use the money to hire Americans, I might be able go get on board for them having their rates lowered to some extent, but I suspect the chances of that happening are somewhere between slim and none.
As Keith noted, maybe everyone should ask our members of Congress to read Matt's articles on the topic at Rolling Stone. They're going to be taking the next month off campaigning and fundraising, so I'm sure there will be plenty of time for their constituents to ask them about this at their town hall meetings.
Here's the latest from Matt at Rolling Stone -- Evil Corporate Tax Holiday Gains Bipartisan Support:
The madness that is the proposed tax repatriation holiday is continuing and gathering steam. More and more members of congress are coming out of the woodwork, scratching their chins in contemplative consideration as it were, pretending that theyve just realized what a great day a corporate tax holiday would be not that theyve taken gazillions of dollars from the firms lobbying for it or anything.
The latest convert seems to be Nevada Democrat Shelley Berkley. Berkleys plan is to offer a pseudo-holiday not the full-fledged happy-ending massage the companies wanted (i.e. a reduction from 35 percent+ to 5.25 percent) but a mere ten-point shave... Read on...
Corporate Tax Holiday in Debt Ceiling Deal: Where's the Uproar?:
Have been meaning to write about this, but Im increasingly amazed at the overall lack of an uproar about the possibility of the government approving another corporate tax repatriation holiday.
Ive been in and out of DC a few times in recent weeks and one thing I keep hearing is that there is a growing, and real, possibility that a second one-time tax holiday will be approved for corporations as part of whatever sordid deal emerges from the debt-ceiling negotiations.
I passed it off as a bad joke when I first saw news of this a few weeks ago, when it was reported that Wall Street whipping boy Chuck Schumer was seriously considering the idea. Then I read later on that other Senators were jumping on the bandwagon, including North Carolinas Kay Hagan.
This is what Hagans spokesperson said:
Senator Hagan is looking closely at any creative, short-term measures that can get bipartisan support and put people back to work. One such potential initiative is a well-crafted and temporary change to the tax code that encourages American companies to bring money home and put it towards capital, investment, andmost importantlyAmerican jobs.
For those who dont know about it, tax repatriation is one of the all-time long cons and also one of the most supremely evil achievements of the Washington lobbying community, which has perhaps told more shameless lies about this one topic than about any other in modern history which is saying a lot, considering the many absurd things that are said and done by lobbyists in our nations capital.
read full story, see video Matt Taibbi: Corporate Tax Holiday Gaining Bipartisan Support | Video Cafe
