Forum Post: No More Corporate Tax Holidays!
Posted 12 years ago on Oct. 16, 2011, 3:31 p.m. EST by bwturner1951
(34)
This content is user submitted and not an official statement
This is the content of some flyers I passed out to protesters at the Occupy Winston-Salem rally today.
Please help defeat Senate Bill S 1671, the Foreign Earnings Reinvestment Act, introduced and sponsored by Senator’s Kay Hagan (D-NC) and John McCain (R-AZ).
As we protest publicly to end the rampant corruption that has made our elected congressional representatives in Washington shameless supporters of corporate welfare (entitlements!!), some of America’s most profitable corporations are silently lobbying congress for a huge tax break. The full text of this corporate tax holiday legislation, which would effectively lower the corporate income tax rate for Controlled Foreign Corporations (CFC) from 35% to 8.75% for all repatriated earnings, can be found at:
http://hdl.loc.gov/loc.uscongress/legislation.112s1671
This same type of ‘job creating’ tactic was used in 2004 (we were told it was a ‘one time deal’) and it completely failed to create more jobs than existed before it was enacted and did not cause companies that took advantage of the tax holiday to reinvest more in America. Quite the opposite took place. In 2005 and 2006, thousands of jobs were cut by the companies that benefitted from the tax holiday and most of the dividends they received from the tax-sheltered CFCs went for executive bonuses or to their shareholders. And not one of these companies or executives who run these companies was held accountable!
Call and write to Senator’s Kay Hagan and Richard Burr to stop this corporate tax holiday now.
Honorable Senator Kay Hagan Honorable Senator Richard Burr
521 Dirksen Senate Office Building 215 Russell Senate Office Building Washington, DC 20510
Washington, DC 20510 202.224.3154
202.224.6342
Tax holidays absolutely do destroy jobs. Proof:
http://warmowski.wordpress.com/2011/10/04/proof-that-tax-holidays-for-big-business-destroy-not-create-jobs/
Its all a sham. Nothing but tax deductible PR crap. Make the people love you. Take their money. Convince them that you're making the world a better place. Take more of their money. Be nothing but a greedy sell-out hypocrite pig with a fake commercial personality and a fake cause to pose for. Concentrate even more of the world's wealth and resources and lead the ignorant masses to believe that you're doing the opposite. I can't stop them and I can't punish them but I can tell you that their bogus promises to make the world a better place will not be kept. Any 'humanitarian' progress made in one area will always be lost in another with a net loss for the majority. There will be more poverty. More starvation. More conflict. Meanwhile the rich will keep getting richer and richer and richer. They will always dumb us down and divert our attention from one area to another. Just like they have been for at least 25 years. Ethipoia (still bad), Darfur (even worse), Malawi (still bad). As they concentrate more and more of the world's wealth and resources, they will cause more inflation, more poverty, more starvation, and more conflict on a global scale. In order to divert our attention, they will adopt another cause to pose for. and another. and another. and another. Each time, putting their fake humanitarian stamp on it and jet-setting the world in the name of 'humanity'. Actually charging their private jet rides and 5 star hotel accomodations to their own bogus 'foundations'. Pleading with us to buy more of their products and support more of their 'good will'. Taking more of our money and throwing a few crumbs back to the poor along the way. With another photo-op and worldwide publicity for each and every crumb. Like I said, its all a sham. Nothing but a giant marketing gimmick and a cheap excuse to keep getting richer and richer and richer. These people are actually causing the same problems they pretend to care about. It is the greatest scam of all time. I will not forgive them for it. I will expose as many as possible for the hypocrite pigs that they are. Thats my cause. Its the ugly truth. Someone has to tell it.
We have been mislead by Reagan, Bush Sr, Clinton, Bush Jr, Obama, and nearly every other public figure. Economic growth, job creation, and actual prosperity are not necessarily a package deal. In fact, the first two are horribly misunderstood. Economic growth/loss (GDP) is little more than a measure of wealth changing hands. A transfer of currency from one party to another. The rate at which it is traded. This was up until mid '07' however, has never been a measure of actual prosperity. Neither has job creation. The phrase itself has been thrown around so often, and in such a generic political manner, that it has come to mean nothing. Of course, we need to have certain things done for the benefit of society as a whole. We need farmers, builders, manufacturers, transporters, teachers, cops, firefighters, soldiers, mechanics, sanitation workers, doctors, managers, and visionaries. Their work is vital. I'll even go out on a limb and say that we need politicians, attorneys, bankers, investors, and entertainers. In order to keep them productive, we must provide reasonable incentives. We need to compensate each by a fair measure for their actual contributions to society. We need to provide a reasonable scale of income opportunity for every independent adult, every provider, and share responsibility for those who have a legitimate need for aid. In order to achieve and sustain this, we must also address the cost of living and the distribution of wealth. Here, we have failed miserably. The majority have already lost their home equity, their financial security, and their relative buying power. The middle class have actually lost much of their ability to make ends meet, re-pay loans, pay taxes, and support their own economy. The lower class have gone nearly bankrupt. In all, its a multi-trillion dollar loss taken over about 30 years. Millions are under the impression that we need to create more jobs simply to provide more opportunity. as if that would solve the problem. It won't. Not by a longshot. Jobs don't necessarily create wealth. In fact, they almost never do. For the mostpart, they only transfer wealth from one party to another. A gain here. A loss there. Appreciation in one community. Depreciation in another. In order to create net wealth, you must harvest a new resource or make more efficient use of one. Either way you must have a reliable and ethical system in place to distribute that newly created wealth in order to benefit society as a whole and prevent a lagging downside. The 'free market' just doesn't cut it. Its a farce. Many of the jobs created are nothing but filler. The promises empty. Sure, unemployment reached an all-time low under Bush. GDP reached an all-time high. But those are both shallow and misleading indicators. In order to gauge actual prosperity, you must consider the economy in human terms. As of '08' the average American was working more hours than the previous generation with far less equity to show for it. Consumer debt, forclosure, and bankruptcy were also at all-time highs. As of '08', every major American city was riddled with depressed communities, neglected neighborhoods, failing infrastructures, lost revenue, and gang activity. All of this has coincided with massive economic growth and job production. Meanwhile, the rich have been getting richer and richer and richer even after taxes. Our nation's wealth has been concentrated. Again, this represents a multi-trillion dollar loss taken by the majority. Its an absolute deal breaker. Bottom line: With or without economic growth or job production, you must have a system in place to prevent too much wealth from being concentrated at the top. Unfortunately, we don't. Our economy has become nothing but a giant game of Monopoly. The richest one percent already own nearly 1/2 of all United States wealth. More than double their share before Reagan took office. Still, they want more. They absolutely will not stop. Now, our society as a whole is in serious jeapordy. Greed kills.