By ThinkProgress War Room on Jan 10, 2013 at 5:35 pm
It’s Time to Stop Paying Companies to Ship Jobs Overseas
The presidential election served as a useful opportunity to educate the American people about some of the worst elements of our tax code. Mitt Romney personally demonstrated how the tax code is rigged in favor of the wealthy and his career at Bain Capital demonstrated how corporations can reap massive financial rewards, even if it means leaving closed factories and devastated communities in their wake.
As we look for ways to raise more revenue to further reduce the deficit, protect vital programs like Medicare and Social Security, and make investments in the middle class, one obvious place to start is cracking down on the tax loopholes and giveaways that incentivize companies to ship jobs overseas and subsidize investing abroad instead of here at home.
Ending these perverse incentives would bring in at least $168 BILLION over the next ten years. Just to put that into perspective, it’s about as much as you’d save by reducing future Social Security benefits ($175 BILLION) and far more savings than is achieved from the GOP’s pet proposal: raising the Medicare retirement age (which saves the government $125 BILLION, but costs the rest of us twice as much).
(For a very detailed explanation of these and other giveaways in the tax code, check out this paper from our colleagues at the Center for American Progress.)
Closing these tax loopholes will also help make sure that corporations aren’t gaming the system in order to avoid paying their fair share in taxes. It will also encourage companies to invest and create jobs here at home, rather than stashing money abroad.
BOTTOM LINE: Instead of cutting vital programs, it’s time to stop corporations rewarding corporations for shipping jobs overseas and gaming the system in order to avoid taxes.
-------------------- Wise men learn more from fools than fools from the wise. Posts: 3827 | From: beautiful California | Registered: Sep 2008
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it's time to allow all that moeny that is stuck overseas to come back too, so lets get some Bonds like municipal bonds created ONLY for building factories and industrail production faciltiies that can show 50 jobs or more being supported by them adn then allow the moeny to be brougth back tax frree and then allow them to buy these bonds (with coupon payouts) tax free too....
that will build a new industiral base in five years.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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One major problem is that the election is over.
Who ever is in office now will do what they want, since this was not a top agenda in the election, doubt if it will be now.
Four more years of the same, maybe we can find a canidate that will support this idea for the next election, but then again, most might have to part their party to find this and we all know that isn't likely to happen.
Party lines seem to be more important than the good of the nation.
quote:Originally posted by glassman: it's time to allow all that moeny that is stuck overseas to come back too, so lets get some Bonds like municipal bonds created ONLY for building factories and industrail production faciltiies that can show 50 jobs or more being supported by them adn then allow the moeny to be brougth back tax frree and then allow them to buy these bonds (with coupon payouts) tax free too....
that will build a new industiral base in five years.
more factories and industrial production under this administration? No way.
Posts: 6949 | Registered: Apr 2004
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