Blah, blah, blah...the most sickening repetitive nonsense is really the bi-partisan stupidity politicians show when they open their mouths spewing out Chamber of Commerce falsehoods that tax cuts create jobs, and stumble all over themselves (with visions of corporate PAC checks dancing in their heads) to demand, right now, for the health of the economy, some new idiotic corporate tax cut. And so here's a little actual, uh, research, that proves how false the "corporate tax cuts create jobs" idea really is.
Brought to you by the people at the Center for Effective Government (a new name for OMB Watch which did a lot of great work when my comrade Gary Bass was over there), the report is called: "The Corporate Tax Rate Debate: Lower Taxes on Corporate Profits Not Linked to Job Creation."
It's just worth repeating a few juicy points, and, then, by all means, go over and read the whole thing--and maybe send it to your Congresscritter next time s/he goes gaga over a new Chamber tax cut wet dream:
Our examination of the evidence found no relationship between cutting tax rates on corporate profits and job growth.Corporate tax rates are too low. That's it. And the whole scam which had led to the draining of billions of dollars, partly to fund obscene CEO pay and benefits, has been based entirely on ideology not facts, and accomplished not on the merits but just simply on pure check-writing by lobbyists and corporations to idiotic politicians. Did I make that subtle enough?
We examined the job creation track record of 60 large, profitable U.S. corporations (from a list of 280 Fortune 500 companies) with the highest and lowest effective tax rates between 2008 and 2010 and found:
*22 of the 30 corporations that paid the highest tax rates (30 percent or more) on their reported profits created almost 200,000 jobs between 2008 and 2012. Only eight of the 30 firms paying high tax rates reported reducing the number of employees between 2008 and 2012.
*The 30 profitable corporations that paid little or no taxes over three years collectively shed 51,289 jobs; half of these low-tax firms created some jobs, and half shed jobs between 2008 and 2012.
*Lowe’s, the nation’s second-largest home improvement store, paid over 36 percent in taxes on reported profits of $9 billion between 2008 and 2010, and hired an additional 28,820 employees between 2008 and 2012.
*Verizon, the nation’s largest wireless provider, reported $32 billion in U.S. profits between 2008 and 2010, yet received tax refunds totaling $951 million and reduced the number of employees by almost 56,000 between 2008 and 2012[emphasis added].