Are you tired of ..........?xml:namespace>
· Feeling like no one is fighting for working people?
· Ceos taking all our money?
· Corporations shipping our jobs out of the country?
· Companies escaping THEIR tax burden?
· Having no health care?
· Health care costs killing you?
· Making an economic decision to not utilize your Health Care?
· Having no retirement?
· Big business getting so big it seems to control everything?
· Gas prices with record profits for oil companies?
· Your hard work being exploited by a company?
· The banks exploiting the average hard working American?
· Being afraid to ask for a raise?
· The cost of living rising faster than your wages?
· Being laid off?
· Being over qualified for your job because you can't find a better paying one?
· Living pay check to pay check?
· Working in fear?
Thursday, August 25, 2011
GOP Rep. Brady Isn’t Convinced That His $80 Billion Corporate Tax Giveaway Is Actually A Tax Break
However, Brady doesn’t necessarily see this as a tax break, according to a statement he gave to Reuters:
“As this economy continues to struggle, I think our case gets stronger every day,” said Republican Representative Kevin Brady, author of a repatriation tax holiday bill backed by 15 Republicans and eight Democrats in the House of Representatives.
“Lowering that tax rate for a year to bring those dollars home, people don’t understand why we’re not doing that. Some may view it as a tax break, but others just see these stranded profits that could do a lot of good things,” Brady said.
The rationale behind this particular policy is that corporations will use the money that they repatriate to invest domestically and create jobs. However, as we’ve noted time and again, a repatriation holiday in 2004 was a complete flop on that front: the companies who benefited most from the tax break wound up cutting jobs, and corporations began parking more money offshore in anticipation of future tax holidays.
The corporations pushing for a repatriation holiday already pay extremely low taxes. Adding insult to injury, the companies lobbying hardest for the holiday won’t even disclose how many jobs that have overseas.
According to the Joint Economic Committee, another repatriation holiday would cost about $80 billion. But to Brady, only “some” people think that’s a tax break. Well, count us amongst them.