Crossposted from Hillbilly Report.
No matter how much you give away to the greediest and least patriotic among us it is never enough. After fleecing the American worker, hording all the money and crashing our economy in the last several years what do these folks want?? Yet another tax break for themselves, this time on money that they are holding away from the American economy overseas. Their argument is that they could use this money to create jobs. However, as always with these people history has shown that even if you give them something, they will never share it with anyone is America because quite frankly they hate their country and their fellow Americans.
It is hard to believe that America owes these folks anything and even harder to believe they actually have the nerve to demand more concessions from the rest of us. However, they are and of course they are lying through their greedy teeth about what another tax break for them would do for us:
Some of the nation’s largest corporations have amassed vast profits outside the country and are pressing Congress and the Obama administration for a tax break to bring the money home.
Under the proposal, known as a repatriation holiday, the federal income tax owed on such profits returned to the United States would fall to 5.25 percent for one year, from 35 percent. In the short term, the measure could generate tens of billions in tax revenues as companies transfer money that would otherwise remain abroad, and it could help ease the huge budget deficit.
http://www.nytimes.com/...
But wait, before you believe any of the garbage pushed by these unpatriotic, greedy assholes just remember one thing. These people have a track record of greed and this has been tried before. What happened?? As always this money never "trickled down":
But that’s not how it worked last time. Congress and the Bush administration offered companies a similar tax incentive, in 2005, in hopes of spurring domestic hiring and investment, and 800 took advantage.
Though the tax break lured them into bringing $312 billion back to the United States, 92 percent of that money was returned to shareholders in the form of dividends and stock buybacks, according to a study by the nonpartisan National Bureau of Economic Research.
Indeed, 60 percent of the benefits went to just 15 of the largest United States multinational companies — many of which laid off domestic workers, closed plants and shifted even more of their profits and resources abroad in hopes of cashing in on the next repatriation holiday.
The sad part is that for them business is still booming. They have plenty of credit and capital and could easily be creating jobs in America. The sad, simple fact of the matter is this. They do not want to because they hate America and Americans:
Today, credit is readily available. In fact, many of those pushing hardest for the break are sitting on billions in cash in the United States that they could use to hire if they chose.
In fact, Allen L. Sinai an economist at Decision Economics has studied the idea. This is what he found:
“Many who want this policy try to advocate it as a jobs-creation program, but that is not what I found,” he said. “What I found was that it would shore up the corporate balance sheets during the depths of the financial crisis and create some jobs. But the balance sheets are already so good that I don’t think there’s a rationale any longer that simply rebuilding the companies’ finances will lead to hiring.”
He is far from alone in that assesment:
Much the same happened elsewhere, according to a review of taxpayer data by the National Bureau of Economic Research. “For every dollar that was brought back, there were zero cents used for additional capital expenditures, research and development, or hiring and employees wages,” said Kristin J. Forbes, a professor of economics at the Massachusetts Institute of Technology’s Sloan School of Management who was a member of President Bush’s council of economic advisers and who led the study.
In fact, it seems to me that the only reason to do this is for a very few people to be rewarded for their greed and make out like bandits yet again. If they cared about their country and putting people to work this money would not be overseas to begin with and they would already be using the capital which they have plenty of to be creating jobs here. The plain and simple fact is they do not want to and do not care who it hurts.
These folks have been given plenty in the last thirty years by our country. They thanked us and repaid our generosity by outsourcing our jobs, stagnating our wages, discontinuing our benefits and crashing our economy. Remember that they are the only ones who have recovered from the economy they crashed and all they can do while we all suffer is ask for more.
Americans simply have to learn one thing about "trickle-down ecomomics". It is a lie and money will never "trickle-down" no matter how much of it we let them steal. Just like a crack addict, the more we give them the more they will want. In fact, I think it is time we tax the money they have in America extra to make up for the money they keep overseas.
Sadly I am confident like always these folks will get whatever they want no matter what the facts or consequences. The very few good Democrats that will fight this will quickly be silenced by the White House and Corporate Democrats whose hearts and pocketbooks definately are not with working America. In the end as always it will be working America which shoulders the greed and idiocy of a very few selfish, narrow-minded idiots who could care less about anyone else.