The 1st R: Republicans.
Republicans have their ideas about what they want to do to the Country, if only we give them another chance ...
What Are the Republican Candidates' Economic Plans to Create Jobs?
by Michele Nash-Hoff, huffingtonpost -- Jan 9, 2012
[...]
Most of the plans of the Republican candidates' plans involve cutting taxes, cutting government spending, reducing the size of government, eliminating burdensome regulations, and repealing what they consider onerous legislation. Do their specific plans provide a platform to create jobs from production? Do their plans provide incentives to manufacture products in America? If they don't, what should their plans include?
Since all of the Republican candidates recommend reducing corporate taxes, let's examine why this would be beneficial for creating jobs. [...]
Governor Mitt Romney and Ron Paul propose reducing corporate tax rates to 25 percent; Governor Perry proposes a reduction to 20 percent; Rick Santorum to 17.5 percent; while Newt Gingrich proposes a reduction to 12.5 percent.
[...]
Three candidates, Governor Romney, Governor Perry, and Rick Santorum propose to create immediate jobs by allowing corporations to "repatriate" profits being held offshore by foreign subsidiaries or divisions at a reduced rate of 5 to 5.5 percent. Over 1.2 trillion dollars could be brought back to America in a matter of days that would provide capital for investment in plants and equipment in the U.S. and hiring more workers to run the equipment.
Yeah right. Ready for more?
The 2nd R: Repatriation.
Republicans have their ideas about what they want to do to the Country, if only we give them another chance ...
Repatriation -- in other words a Tax Holiday for the Corporations and the Top 1 Percent.
CRS reports on repatriation tax holiday impact
Angry Bear Blog, BusinessInsider.com -- Jan. 10, 2012
Shortly before the Christmas holiday, CRS released a report by Donald Marples and Jane Gravelle on the possibility of a second repatriation tax holiday for multinational corporations.
[...]
The holiday has been pushed by various commentators who support reducing corporate taxation based on the argument that lower tax, and repatriated earnings, will result in greater investment in domestic business expansion and more US jobs.
Our experience with the 2004 repatriation holiday was not impressive. Much of the repatriated funds were diverted to share buybacks and not used to increase investments or increase jobs. In fact, many companies that repatriated the most money engaged in heavy firings of workers. Hewlett Packard was notable, with large layoffs accompanying significant repatriated cash.
[...]
The Republicans claim a 5% limited-time Repatriation Tax Holiday will create jobs and spur Reinvestment.
But the historical facts, tell a different story ...
Tax holiday from reality
by Cheryl Cook, theunion.com, Nevada City -- June 25, 2011
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.
And there's this Reinvestment factoid:
The Very Last "Stimulus" Card For Obama To Play
by Joe Weisenthal, businessinsider.com -- Aug 2, 2011
[...] 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 3rd R: Redistribution.
Republicans have their ideas about what they want to do to the Country, if only we give them another chance ...
Repatriation -- in other words a Tax Holiday for the Corporations and the Top 1 Percent.
Redistribution of these untaxed Corporate Profits will then go to those most deserving in the Republican eyes -- those Corporate-loving Job-cutters themselves ...
the Private Equity firm investors. Afterall, they're People too, right Romney?
Mitt Romney and Offshore Tax Havens
ABC News investigative reporter Brian Ross discusses Bain Capital and Mitt Romney's potential use of tax havens with Citizens for Tax Justice Senior Counsel Rebecca Wilkins.
Link to Video
“Mitt Romney by far the wealthiest of the candidates this year, with a net worth estimated at over a quarter billion dollars.
Romney has not made public his latest tax returns, but financial disclosure forms, required of all candidates, reveal that he and his wife have had millions of dollars in offshore funds. In the Cayman Islands, and elsewhere. Places that offer huge tax advantages to investors.
Rebecca Williams [Senior Counsel, Citizens for Tax Justice]: “Well, the primary advantage to setting those funds up in an offshore jurisdiction like the Cayman Islands, or Bermuda, is that it helps investors avoid tax.”
-– Brian Ross Investigates,
The Wealth Factor
... continuing with my own Transcription, {by request, for the band-width impaired}:
Brian Ross: But Tax experts say the fact that Romney's company Bain Capital, under his leadership, established Investment Funds offshore in the first place, to help them attract business from people looking to avoid U.S. Taxes. Romney's campaign said he may eventually make his Tax Returns public, but he declined our request to see them now.
Rebecca Williams [Senior Counsel, Citizens for Tax Justice]: Well by not disclosing his Tax Returns, we're not seeing how much he is earning, or where he has investments and how much Tax he's paying, on whatever earnings he has.
Oh, reminds me, there's a 4th R -- carved out specially for Romney ...
It's called Royalty Revenue ...
13 Years After Quitting, Romney Still Makes Millions From Bain Capital
by Christopher Robbins, gothamist.com -- Dec 19, 2011
[...]
But if Romney didn't ask for a larger piece of the pie at the time, the company's growth has done it for him. In 1999, Bain managed $4 billion in assets. In 2005, it had grown to $21 billion, and currently, it holds around $66 billion. Out of Romney's estimated net worth of $190-$250 million, between $12.4 million and $60.9 million are Bain assets, according to a 2011 campaign disclosure. The total could be far more because of blind trusts and other assets held by Romney's wife.
[...] what may matter most about Romney's Bain income in a showdown with Obama is how it's taxed 15% instead of the usual 35%, because it is seen as "carried interest." A law professor notes that the carried interested exemption -- or "carried," as it's called by the people lucky enough to benefit from it -- is part of a set of options that are not available to the ordinary taxpayer. [...]
No doubt, Romney can't wait to Repatriate his annually recurring Royalty Revenues, so he Redistribute it to where it is most needed,
running Republican Rhetoric on Repeating Loops,
in order to keep those Richy-Rich dreams, alive and well ...
for millions of Red-blooded, Red-state Americans.
That is simply the Republican way ... It's as simple as the 3-R's ...
er, ahh, I mean 4-R's ... isn't that right Rick-Romney?