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: 424

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 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

tjdavis posted a video

Linda Moulton Howe Reopens the Antarctica Mystery With New Claims

Linda Moulton Howe has reopened a file she guarded for twenty-five years, and nearly every witness inside it is now gone. It holds testimony about Antarctica...
4 hours ago
tjdavis posted a photo
5 hours ago
Doc Vega favorited Central Scrutinizer's group Clinton For Prison!
5 hours ago
rlionhearted_3 commented on Sandy's photo
Thumbnail

FB_IMG_1790355245884

"There was no 6 million! See Red Cross, put Jewish deaths during WWII at 277,000! German…"
6 hours ago
Doc Vega posted a blog post

The De-intellectualizing of the West!

 One of the saddest aspects of reducing a society into chaos and division is propaganda, which is…See More
yesterday
cheeki kea commented on cheeki kea's photo
yesterday
cheeki kea posted a photo
yesterday
tjdavis posted a video

The file of shame - Zandvoort - one of the largest covered-up paedophile scandals

Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
Tuesday
Doc Vega posted a blog post

Alaskan Triangle US Air Force Loses 5 Aircraft

 The year is 1950 and the US and Soviet Union are locked in a crucial arms race that epitomizes the…See More
Monday
Doc Vega posted a blog post

Is this an Undeclared War We are Technologically Losing?

 Incident No. 1The year is 1980 and in US Air Force records this incident is still classified so…See More
Sep 25
tjdavis favorited Sandy's photo
Sep 25
Sandy posted a photo
Sep 25
tjdavis favorited cheeki kea's video
Sep 23
Mr.Jensen commented on cheeki kea's video
Thumbnail

THE PAPER CHAINS

"Well from now on this fight is up to Amerian People to win it. I'm afraid that all wars you…"
Sep 23
Mr.Jensen updated their profile
Sep 23
Doc Vega posted a blog post

Top German Panzer Ace of WWII Meets His End Finally

On the battlefields of the eastern and western fronts there was a scourge for the Germans who had…See More
Sep 22
tjdavis posted a photo
Sep 22
Doc Vega posted a blog post

Big Lonely: An Indie Film that Will seriously Affect You

It's easy for us to be caught up in our little world, feeling sorry for ourselves, or lamenting the…See More
Sep 21
Doc Vega posted blog posts
Sep 20
rlionhearted_3 favorited Doc Vega's blog post Don’t you Just Enjoy having Your Intelligence Insulted?
Sep 19

© 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