Corporations Asking for Huge Tax Break Refuse to Say How Many Jobs They Create Overseas

By Travis Waldron on Aug 22, 2011 at 2:50 pm

As the American economy continues to struggle through a sluggish recovery, some of the nation’s largest corporations are refusing to disclose “a number they don’t want anyone to know”: the number of workers they employ in the United States versus the number employed overseas.

Among the companies are several that are actively lobbying Congress for another special tax break. Apple and Pfizer are members of WinAmerica, a group of corporations lobbying for a tax repatriation holiday that would allow them to bring overseas profits back to the United States at a much lower tax rate than the 35 percent they would normally pay. But those companies, among others, remain secretive about where their actual job creation is taking place, as the Washington Post reports:

So secretive are these companies that they hand the figure over to government statisticians on the condition that officials will release only an aggregate number. The latest data show that multinationals cut 2.9 million jobs in the United States and added 2.4 million overseas between 2000 and 2009.

Despite outsourcing trends, the companies continue to push for the tax holiday (supported by, among others, GOP presidential candidates Mitt Romney and Rick Perry) under the guise of domestic job creation, even though evidence from past holidays indicates the companies would be unlikely to use the tax break to create jobs. In 2004, corporations used repatriated money largely to pay dividends and buy stock and, after the holiday, stashed even more money overseas under the assumption that Congress would approve another such holiday in the future, allowing them to avoid paying taxes yet again.

The 2004 holiday “didn’t accomplish its stated goals of bringing jobs and investment to the U.S.,” said Kristin Forbes, a professor at the Massachusetts Institute of Technology and a former member of President Bush’s council of economic advisers. After receiving the tax break in 2004, many of the WinAmerica corporations, including Pfizer, laid off thousands of workers in 2005 and 2006.

In the end, the holiday would result in yet another giveaway to corporations that are already paying low effective tax rates while they create jobs overseas. That’s something lawmakers should take into consideration when discussing the possibility of another holiday, Rochester Institute of Technology professor Ron Hira told the Post. “Should you listen to the kind of advice these companies have about how to grow the economy when their record and their model indicates they’ve cut jobs?” Hira asked. “Or should we talk to people who actually do create jobs in the United States?”

Source

Views: 412

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

Comment by Nikki on August 24, 2011 at 1:41pm
Yet some people believe the jobs will come back because some smarmy politician told them so.
Comment by guest_blog on August 23, 2011 at 11:42pm
Greedy Soulless SOB's
Comment by youhavetoforgiveme on August 23, 2011 at 11:06pm
Corpoate America at it's finest! Remember Senators! We put you there! YOU'RE ON OUR PAYROLL!
Comment by Tara on August 23, 2011 at 5:49pm
Just think, these are only the figures of a handful of companies cutting jobs here at home and sending them overseas. I can only imagine the total number of jobs cut here in the US and sent overseas in the last 10 years. I'm sure the numbers are staggering.

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega favorited omegamann's photo
6 hours ago
Doc Vega commented on Doc Vega's blog post Death Threats for Assisting ICE?
"Less Prone excellent points and I've seen that video too. Very informative! "
6 hours ago
Doc Vega commented on Doc Vega's blog post In the Political Realm They've Gone One Step Too Far!
"Less Prone thanks for your support! "
6 hours ago
Doc Vega commented on Doc Vega's blog post Modern Day Cannibalism?
"Less Prone, you are exactly right! They have been harvesting fetal tissue in vaccines for quite…"
6 hours ago
Doc Vega commented on cheeki kea's photo
Thumbnail

DEAR SANTA...

"Ha ha! Good one! "
6 hours ago
Doc Vega commented on Doc Vega's blog post GROK Acknowledges the Co-existence of Humans and Dinosaurs
"Less Prone, thank you very much for your input/ I always appreciate your insights! "
6 hours ago
Less Prone favorited cheeki kea's photo
yesterday
Doc Vega's 9 blog posts were featured
Wednesday
Less Prone commented on Doc Vega's blog post Modern Day Cannibalism?
"You may be consuming human tissue unknowingly in vaccines, food or drink. One of the cruellest…"
Wednesday
Less Prone favorited Doc Vega's blog post Modern Day Cannibalism?
Wednesday
Less Prone favorited Doc Vega's blog post Death Threats for Assisting ICE?
Wednesday
Less Prone commented on Doc Vega's blog post Death Threats for Assisting ICE?
"Democrats pretend to be icons of democracy, but what kind of rule do they have in mind? When they…"
Wednesday
Less Prone commented on Doc Vega's blog post GROK Acknowledges the Co-existence of Humans and Dinosaurs
Wednesday
omegamann posted photos
Wednesday
Less Prone favorited Doc Vega's blog post GROK Acknowledges the Co-existence of Humans and Dinosaurs
Wednesday
Less Prone commented on Doc Vega's blog post GROK Acknowledges the Co-existence of Humans and Dinosaurs
"I got some "proof" for you. An early prehistoric cave painting documented on a runestone."
Wednesday
Less Prone favorited Doc Vega's blog post In the Political Realm They've Gone One Step Too Far!
Wednesday
Less Prone commented on Burbia's video
Thumbnail

All In The Family | Mike Meets Archie For The First Time | The Norman Lear Effect

"Television programs have come down a lot in quality since those days. "
Wednesday
Doc Vega posted a blog post

In the Political Realm They've Gone One Step Too Far!

I'm Your Host here on a completely new program. We call it One Step Too Far! Join us now for some…See More
Tuesday
Doc Vega posted photos
Tuesday

© 2026   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted