http://www.usuncut.org/blog/yesmen-follow-the-moneyPresident Obama and Congress, by many accounts, seem to be poised to allow corporations to bring back over $1 trillion in offshore, untaxed profits at a highly-reduced tax rate. What's wrong with a sudden influx of corporate cash? For starters, it probably won't create new jobs, help fund social services like K-12 education, or even curb inflation. And it won't do any of these things if the measly, short-term revenue it creates is tied to any particular fund, like infrastructure, either.
A so-called 'repatriation' holiday would do two things, though: (1) allow corporations to dodge billions in taxes and (2) encourage them to start up their next offshore cash stockpile, so that five years down the road we can play the same game of political theatre and bring home more cash "held hostage overseas"
US Uncut is taking a different tack to the problem of offshore tax havens, by laying bare the real agenda of the WIN America Campaign and other corporate lobbyists in their massive tax dodging scheme. With the help of the Yes Men, we are taking our videocameras and our anger to the source of the problem: the Cayman Islands. Will you help us expose what Nicholas Shaxson, author of Treasure Islands, calls "a hot-money archipelago" that destabilizes world markets and robs our country of precious revenue for social services?
What the tax holiday lobby is trying to do doesn't deserve the name "repatriation", a not-so-subtle attempt to paint a greedy tax avoidance scheme with patriotic and nationalistic hues. Americans do deserve a corporate coming-clean though, so let's get sailing!
More at the link --
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
