Post by unlawflcombatnt on Oct 15, 2011 13:25:46 GMT -6
from Jonathan Tasini at Working Life.
Corporate Tax Holiday Is A Scam--Sen. Levin Nails It
Tues, Oct 11, 2011
by Jonathan Tasini
"That CEOs of American-based, flagless corporations will say, or do, anything to make a buck--and line their own pockets--is not a surprising notion. That our political leadership keeps buying the nonsense spewed out by the Chamber of Commerce and the other megaphones of corporate greed is a tragedy--an obvious result of the corrupt campaign finance system. But, our elected leaders are not all paid-for sheep. Today, Carl Levin steps forward with some FACTS about the newest scam.
It's all about the corporate push to get a tax "holiday" to repatriate billions of profits stashed overseas. I've been writing about this for over a year (here is one of the earliest pieces), watching a corporate push aided by so-called "Democratic" think-tanks and a bi-partisan flood of love for what is a phony, sleazy, cynical push to rob the Treasury--again.
Thankfully, Carl Levin (whose investigation of Goldman Sachs' role in the sub-prime mortgage scandal found "a financial snake pit rife with greed, conflicts of interest, and wrongdoing") breaks through the nonsense with a detailed report out today. You see, the corporate p.r. machine has a problem--this scam was tried before using nonsensical and phony arguments. Levin's report shows how bogus the 2004 repatriation was: You see, the corporate p.r. machine has a problem--this scam was tried before using nonsensical and phony arguments. Levin's report shows how bogus the 2004 repatriation was:
More specifically:
Let's summarize: corporate CEOs begged for this tax break back in 2004, they effectively broke the law by using the money repatriated for things expressly prohibited--including their own pay, what a shock.
This is not about job creation. "Repatriation" is no more a job creator than an economy with "fewer regulations". It's all nonsense.
It's about greed. It's about power--they are pushing for this because they can, because they have enough sheep in the Congress to go along with the scam.
Reminds me of the old saying: Fool me once, shame on you; fool me twice, shame on me."
Corporate Tax Holiday Is A Scam--Sen. Levin Nails It
Tues, Oct 11, 2011
by Jonathan Tasini
"That CEOs of American-based, flagless corporations will say, or do, anything to make a buck--and line their own pockets--is not a surprising notion. That our political leadership keeps buying the nonsense spewed out by the Chamber of Commerce and the other megaphones of corporate greed is a tragedy--an obvious result of the corrupt campaign finance system. But, our elected leaders are not all paid-for sheep. Today, Carl Levin steps forward with some FACTS about the newest scam.
It's all about the corporate push to get a tax "holiday" to repatriate billions of profits stashed overseas. I've been writing about this for over a year (here is one of the earliest pieces), watching a corporate push aided by so-called "Democratic" think-tanks and a bi-partisan flood of love for what is a phony, sleazy, cynical push to rob the Treasury--again.
Thankfully, Carl Levin (whose investigation of Goldman Sachs' role in the sub-prime mortgage scandal found "a financial snake pit rife with greed, conflicts of interest, and wrongdoing") breaks through the nonsense with a detailed report out today. You see, the corporate p.r. machine has a problem--this scam was tried before using nonsensical and phony arguments. Levin's report shows how bogus the 2004 repatriation was: You see, the corporate p.r. machine has a problem--this scam was tried before using nonsensical and phony arguments. Levin's report shows how bogus the 2004 repatriation was:
More specifically:
Let's summarize: corporate CEOs begged for this tax break back in 2004, they effectively broke the law by using the money repatriated for things expressly prohibited--including their own pay, what a shock.
This is not about job creation. "Repatriation" is no more a job creator than an economy with "fewer regulations". It's all nonsense.
It's about greed. It's about power--they are pushing for this because they can, because they have enough sheep in the Congress to go along with the scam.
Reminds me of the old saying: Fool me once, shame on you; fool me twice, shame on me."