White House Considers More Tax Breaks for Companies Making Profits Overseas

If you weren't already offended, you should be by now.

The White House is calling for tax breaks for businesses that make profits overseas, who bring those profits back to the United States. My question? Where is unemployment benefits for the 99ers and the jobs that were supposed to be created by now?

http://www.msnbc.msn.com/id/41953284/

I've said it before. Now, I'll say it again. Neither President Obama nor the Democrats have been "for the American People" and this proves it.

I've been a loyal Democrat since before I was born. Both of my parents have always been Democrats and I'm still a loyal Democrat. However, for the life of me, I cannot understand why President Obama still refuses to address "99ers" in any of his speeches.

Not a single speech he has made in 2010 or in this year, has even came close to mentioning our plight. The biggest fraud perpetrated on the "American People" wasn't TARP and it sure as heck wasn't the Mortgage Crisis or the loss of jobs. It's Congress and the unwillingness of our government to support its people when they are suffering.

Instead, what do they do? They give tax breaks to companies that make huge profits overseas and who brings that money back into the United States. There is no promise of extending unemployment. Nor is there a promise at creating jobs. Instead, the richer get even more richer and it's equally offensive considering they just got a huge tax cut in December.

kemcha wrote:If you weren't already offended, you should be by now.

The White House is calling for tax breaks for businesses that make profits overseas, who bring those profits back to the United States. My question? Where is unemployment benefits for the 99ers and the jobs that were supposed to be created by now?

http://www.msnbc.msn.com/id/41953284/

Let's see now...Obama is going to put the screws to us again?? What do I mean by again? Just look...

No jobs bill including no help for the 99ers
Extending tax cuts for the rich
Estate tax breaks for the rich
No addressing of immigration
No clampdown (limiting) on lobbying and special interests
No addressing of the foreclosure crisis and homelessness in America
Not proscecuting the Wall Street & bank criminals who caused the meltdown (justice)
Not proscecuting Bush, Cheney, Rumsfeld, etc for WAR CRIMES (justice)
No funding of NASA killing important space exploration programs

How are those for starters?

Hate to say it, but, President Obama has got to be the greatest shim-sham artist in our country since the United States of America was formed. I call it simply by what the media calls it:

The Fleecing of America

MORE? grrrrrrr..... WHEN is this going to end? Will they EVER learn? more tax breaks my A**!!!

Our tax dollars keep getting fed to these greedy corporations in the form of tax breaks while unemployed Americans continue to suffer.

They're simply not going to listen unless a unified American People stand up to government and say "enough is enough." What we need to do is get everybody to walk out of their jobs for one week and protest. Can you imagine what would happen? Our country would literally shut right the heck down.

Getting the "employed" involved is pretty much a slim to none chance. They are living and walking with blinders on.
Everything is peachy keen, the economy is improving(LOL) . What doesn't effect them directly (YET), is not something they will rally against.
As long as the main stream media keeps painting a pretty picture its only those who have actually felt the effects of these policies who have their eyes wide open.
And according to the latest (err uhm) unemployment numbers only 8.9% of the work force....

Ahhhhh ... you're probably right. When I heard about this latest scam that the White House has planned ... it angered me beyond words. This is crap that our government can keep giving away our tax dollars to bail our banks, wall street, automakers AND other countries, give tax cuts and tax breaks to the super rich and yet our government cannot do what it is required to do by passing unemployment and creating jobs.

I feel sick to my stomach, literally.

Jobless_in_Ma wrote:Getting the "employed" involved is pretty much a slim to none chance. They are living and walking with blinders on.
Everything is peachy keen, the economy is improving(LOL) . What doesn't effect them directly (YET), is not something they will rally against.
As long as the main stream media keeps painting a pretty picture its only those who have actually felt the effects of these policies who have their eyes wide open.
And according to the latest (err uhm) unemployment numbers only 8.9% of the work force....

Yep...most of the employed don't really have much of a clue about what is going on or they chose to ignore it. Most are in fear of losing their own jobs or hate what they do. Something that really irritates me are some in the media who obviously have jobs and treat this crisis sometimes like it's a game or something. They report on things like what Palin or Bachmann said about Obama or Charlie Sheen or the balloon boy or some other crap instead of what is REALLY going on in the country. Some of them act as if it's fun for them to report garbage while so many are suffering. Maybe I'm being cynical about the media and maybe I'm just watching too much tv. I don't know...I'm just fed up...PERIOD!!!

I honestly believe that our country is coming to a fork in the road. While the number of unemployed Americans number around 15-16 million, it's far greater than the number of Americans protesting over the Wisconsin labor strike and if every unemployed American rose up and started protesting against the Federal government, I can guarantee you that somebody in Washington would start paying special attention.

What I find ridiculous is all of these rallys and marches. They don't do anything but get a five sentence mention in the newspaper and then everybody forgets about it. What is needed is to organize ALL OF THE UNEMPLOYED. Only then will Washington finally wake up and take notice.

kemcha wrote:If you weren't already offended, you should be by now.

The White House is calling for tax breaks for businesses that make profits overseas, who bring those profits back to the United States. My question? Where is unemployment benefits for the 99ers and the jobs that were supposed to be created by now?

http://www.msnbc.msn.com/id/41953284/

Remember back 3 years ago? Yeah, I'm talking about the election of '08. Obama was sitting in a chair, & said he would end taxbreaks for companies that send jobs overseas. Does anybody else remember seeing this campaign ad? After the crap he pulled by extending taxcuts for the top 2%, then put the spin on the 13 month unemployment extension that did nothing for the 99ers, this comes as no surprise.

jchapman wrote:

kemcha wrote:If you weren't already offended, you should be by now.

The White House is calling for tax breaks for businesses that make profits overseas, who bring those profits back to the United States. My question? Where is unemployment benefits for the 99ers and the jobs that were supposed to be created by now?

http://www.msnbc.msn.com/id/41953284/

Remember back 3 years ago? Yeah, I'm talking about the election of '08. Obama was sitting in a chair, & said he would end taxbreaks for companies that send jobs overseas. Does anybody else remember seeing this campaign ad? After the crap he pulled by extending taxcuts for the top 2%, then put the spin on the 13 month unemployment extension that did nothing for the 99ers, this comes as no surprise.

Obama is no different than most of the other politicians. He says things to satisfy the populace then bails when the heat is on. He is gonna have a lot of explaining to do next year if the economy continues to fail and unemployment remains around 9%. Of course by that time there will be a ton more 99ers in the fight (I may be one of them) and the climate could be very ugly as a result.

While I didn't vote for him, I was hoping that he would turn everything around. Or, at least get us headed in the right direction. His excuse last year? "We haven't been here long enough. Re-elect us and give us a chance to turn things around."

I thought two years was more than enough time to "stop the car and turn it around." While nobody expected miracles, we did expect to see some improvement. Instead, we get a government who says unemployment is going down, jobs are being created, yet we still have 15 million unemployed Americans. I didn't expect to see "fuzzy math" coming from Obama's Administration.

We have lost over 7.7 million jobs since Obama took office, yet there haven't been nowhere near that many jobs created. Half a million jobs maybe, since the hiring started picking up in January? We're still losing more jobs than are being created and now we have two worries on our shoulders ...

There is the massive "Wall Street Bubble" that is about to burst due to "overvalue" and the problem with inflation that is starting to affect the world's food supply. There's also a worry about a mortgage crisis involving farmland ... it's about to get worse and when it comes crashing down, it's going to hit a whole lot harder than it did when the mortgage crisis sank lending institutions and banks on Wall Street.

I realize that hardly anyone wants to here reason anymore but the linked article didn't give any details at all. All of you assume this awards companies that outsource but it doesn't say that. All it says is that the white house would consider a tax holiday for companies that bring profits back here.

It could mean that it would reward companies that bring profits back and invest them here instead of somewhere else in the world.

You assume it's bad for the unemployed but you have no details at all to support that.

It doesn't create jobs. IT doesn't pass unemployment benefits. All it does is create tax cuts for businesses who bring their profits, this means "MONEY" if they bring that money back to the United States.

How do you know that? You read six lines that you don't even seem to understand. Consider this, Most American companies do not bring their profits back here because they can keep them off shore and pay no taxes at all. This would give them a reason to bring the money back to the USA and invest it here instead of somewhere else. We are one of the few countries that tax offshore profits when they are returned here. Even the "socialist" European countries like France and England don't do that. They don't do it because it brings more wealth back to their countries. I am not even saying it will help the economy for sure but this money isn't being taxed now so what is the difference? But it is possible that some of these companies could invest it back home. You read tax cuts to corporations and jumped straight to Obama (who you don't like anyway) hates the unemployed. This has nothing to do with unemployment benefits. There is more going on in the world than our problem of unemployment and those things are important too. This is just something we need to have the maturity to face.

What is there not to understand? For one thing, the article "was" larger than those six lines and the fact that this is being reported by multiple agencies and was also on CNN and MSNBC network television.

The White House is considering tax breaks if they bring those profits back to the United States because they want to bring in more capital into the country. It really does not take a genius to realize Obama and the Democrats could then make the claim that companies would be sitting on even more capital that they could create jobs.

There's always an ulterior motive behind tax breaks when Democrats propose them.

Bringing those profits into the United States only brings in more money for those companies and keeps it within America's borders. It does NOT create jobs. It does not provide incentives to create jobs.

What is there not to understand about that. If this would create jobs, they would have noted that in the article.

lendmeflight2 wrote:I realize that hardly anyone wants to here reason anymore but the linked article didn't give any details at all. All of you assume this awards companies that outsource but it doesn't say that. All it says is that the white house would consider a tax holiday for companies that bring profits back here.

It could mean that it would reward companies that bring profits back and invest them here instead of somewhere else in the world.

You assume it's bad for the unemployed but you have no details at all to support that.

Here's a longer, more detailed article on this topic.
Big Business to Congress: How about a tax holiday?

"Some $315 billion was repatriated during the 2004 holiday, according to IRS data, and there are conflicting accounts of how the money was used. But some studies suggest that much of it went for stock repurchases and dividend payouts, not hiring and domestic spending.

Critics also say that another repatriation holiday would create a perverse incentive for corporations to shift more U.S. earnings and jobs abroad, knowing it would be just a matter of time until Congress granted the next tax reprieve."

“Such tax holidays not only reduce U.S. tax revenue in the long run, but create new incentives for U.S. multinationals to send more jobs, funds and facilities offshore,” Sen. Carl Levin (D-Mich.) said in 2009.

Read more: http://www.politico.com/news/stories/0311/50688.html#ixzz1G1semvuk

Here's an article from 2008 talking about the "tax repatriation" in 2004-2005.

This is worth a read.

Repatriation Measure Unlikely to Stimulate the U.S. Economy or Boost U.S. Investment — But Will Promote Investment in Tax Havens and Undermine the Corporate Income Tax

http://www.cbpp.org/cms/index.cfm?fa=view&id=1010

JaneWI, thanks for posting that. For some reason, lendmeflight wasn't getting the idea that I was posting ... just because these companies are being incentivized to create jobs but instead, they're being incentivized to bring that working capital back into the country.

I think that the President thinks that companies will use that money to create jobs. However, that's far from how it be used. As you posted, every time one of these tax holidays has been proposed or passed, it hasn't done anything to create jobs.

If these large multinational companies are already repatriating a lot of money while paying little or no taxes, why would they agree to pay taxes at some future time after the "repatriation holiday" expires?

Dodging Repatriation Tax Lets U.S. Companies Bring Home Cash

"What nobody’s saying publicly is that U.S. multinationals are already finding legal ways to avoid that tax. Over the years, they’ve brought cash home, tax-free, employing strategies with nicknames worthy of 1970s conspiracy thrillers -- including “the Killer B” and “the Deadly D.” "

http://www.bloomberg.com/news/2010-12-29/dodging-repatriation-tax-lets-u-s-companies-bring-home-cash.html

kemcha wrote:JaneWI, thanks for posting that. For some reason, lendmeflight wasn't getting the idea that I was posting ... just because these companies are being incentivized to create jobs but instead, they're being incentivized to bring that working capital back into the country.

I think that the President thinks that companies will use that money to create jobs. However, that's far from how it be used. As you posted, every time one of these tax holidays has been proposed or passed, it hasn't done anything to create jobs.

I get curious and just "need to know more" about certain topics.

kemcha wrote:JaneWI, thanks for posting that. For some reason, lendmeflight wasn't getting the idea that I was posting ... just because these companies are being incentivized to create jobs but instead, they're being incentivized to bring that working capital back into the country.

I think that the President thinks that companies will use that money to create jobs. However, that's far from how it be used. As you posted, every time one of these tax holidays has been proposed or passed, it hasn't done anything to create jobs.

I get the idea of what you are posting. It allows them to keep money in the country that they don't have to pay taxes on.

This is what I am trying to explain to you. They don't pay taxes on that money now. At this moment that money is not being taxed at all. They probably won't create jobs with it but it's possible that they might. Either way it isn't being taxed now so what difference does it make? The wealth of our country is being expatriated all over the world. The country is just like your local city. If you support the local hardware store then the owner is more likely to spend that money in your community than if you support Walmart.

Maybe he won't but if you don't support him then he never gets the chance to. The fact is that they aren't paying taxes on that money and they won't be a year from now. The difference is that the wealth could be back in our country if this passes instead of China or Pakistan.

So many companies have invested money to setup in other countries not only the tax savings That they are past bringing "Most" back to the US.. Manufacturing is gone for sure I worked with a company (back when) and the cost of set up ... no way manf will come back..