42 Senators Vote To Keep Tax Breaks...[Pic]

Submitted by: drawman61 1 year ago

Republicans fight to keep tax breaks for companies moving jobs overseas

Older man in factory, putting box on shelf.
Senate Republicans once again showed their stellar values by filibustering a bill that would have cutcorporate tax breaks for moving jobs overseas. That"s right, Republicans are fighting to keep giving companies money to move jobs out of the United States:
"Today in the United States, any time an American company closes a factory or plant in America and moves operations to another country, the American taxpayers pick up part of that moving bill," said Senate Majority Leader Harry Reid, D-Nev. "Frankly, a vote against this bill is a vote against American jobs."

Republicans called the bill an election-year stunt. They noted that Democrats tried to pass a similar bill two years ago, right before the last congressional elections.

Okay, Republicans, let"s say it"s a stunt! It"s a stunt that has now repeatedly revealed your desire to keep giving companies tax breaks for killing jobs in America. Are we supposed to see the "stunt" nature of bringing up a bill like this every two years or so as equivalent in moral bankruptcy to defending the existing crappy policy? How is this a political defense?

The bill would also have given tax breaks to companies that move their operationstothe United States.


...for US companies moving operations abroad
Credits: source
There are 29 comments:
Male 7,924
OldOllie

"Republicans fight to keep tax breaks for companies moving jobs overseas"

What is it about the subject of this post that you don`t comprehend?

Do you think the local tire shop is moving jobs overseas? Kinda hard to change my tires from over there don`t you think? So I guess the local tire shop has f.uck all to do with this post or discussion huh?

The only companies this post has to do with IS "mega monster mulinationals".
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Male 15,832
What is it about liberalism that renders you f***tards totally incapable of thinking beyond a few dozen mega-multinational corporations whenever the subject of the corporate income tax comes up? I don`t give a loose dry f*** about GE. They`re nothing bunch of Democrat cronies who have bought and paid for politicians to carve out special breaks that apply only to them. Meanwhile, the local tire shop, construction contractor, and trucking company are taking it up the @$$.

The corporate tax rate is completely irrelevant to these mega-monster multinationals because 1) they already have most of their operations overseas where they are exempt from US taxes, and 2) the can bribe politicians to write rules that exempt them from having to pay the same taxes that are literally destroying the small- and medium-sized business who are responsible for the largest share of the GDP and employ the majority of Americans.
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Male 579
hmmm... Everyone always derides me when I say I still like the flat tax idea. Yes, I know all the problems, but still, stories like this one tell me it`s a good idea.
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Male 17,512
If you own a business and claim deductions on your taxes, at all, then you`re getting "corporate welfare" according to the way liberals have defined the term.

Not only is that completely wrong, it`s deceptive and stupid. Yet when they`ve chased all the old businesses out of state, with high taxes and other regulations, what do they do?

They do like New York and other states and offer "Tax deferment incentives", aka "tax-free zones" to get business back. You can`t have it both ways, calling it "corporate welfare" in one instance and then calling it "tax incentives" in another.

Getting and keeping jobs in your state and our country means having a competitive advantage to do so. You may not like it, but that`s the way it is in this global economy.
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Male 17,512
jops: "why would you be ok with that?"

Who said I was? But it`s part of our economy now and we have to deal with it.

"yet at the same time you praise the "job creators"."

The largest "job creators" in America right now are small businesses, those jobs are overwhelmingly service jobs not manufacturing jobs.

"you are just fine with giving them one last tax cut for leaving."

Again, it`s not a "tax cut", it`s an itemized deduction, there is a big difference between the two.

"just another form of corporate welfare."

Oh boy, I fear you`ve let the liberalism seep to deeply into your brain. You`re using buzzwords and terms that you have absolutely no clue about. Those anti-capitalist terms were invented to demonize business and promote class struggle, which is classic socialism/communism.
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Male 689
@crakrjak -
"The jobs are leaving because of high wages and insurance costs, along with unions that won`t negotiate in good faith."
i get it, companies would rather pay 50cent/day with no insurance. why would you be ok with that? no you blame the unions because they wont take huge cuts in pay/benefits. yet at the same time you praise the "job creators". how about you stop liking everything thats wrong with the job market. this is just another example of how the middle class is fading. how the money goes up yet never down.
to top it off, you are just fine with giving them one last tax cut for leaving. i get expenses but there is no way we should let this be an itemized deduction, and all it would take is a simple change in wording. really, we shouldnt allow them at all since its just the cost of doing business. just another form of corporate welfare.
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Male 1,293
Sleepy

Doesn`t a large part of GE business go to government? Isn`t a lot of the subsidy for its work in "renewable energy", that left-wing money pit?

Normalfreak

In fact in this case the GOP is more for the people than Democrats. In this case they are opposing distortion to the market, which harms the economy.
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Male 1,293
HolyGod

That is exactly the problem! Having a really high tax rate then tax breaks to reduce effective rates is the entire problem here. Flatten the tax rate (12% sounds about right) and cancel all tax breaks.

The reason for this, and the big problem with implementing it, is it gives power and the opportunity for graft to politicians. That is why Democrats want to use it to distort US companies` decisions and big-government Republicans don`t want to simplify things either.

It is corrupt. Pure and simple, and in this case on both sides (although the Republicans do at least have some libertarian politicians who do want to change it).
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Male 671
OldOllie, your trolls are hilarious. The majority of the biggest companies in the world are American, and they`re not collapsing. But "oh noes, all our businesses are going teh bankrupt"... despite the US $2T economy, when no other country is measured in T`s.
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Male 17,512
Sleepy: "Can you conservatards please tell me again how much in taxes General Electric Paid?"

Can you tell me how much GE, and it`s subsidiaries (like MSNBC,NBC,Universal), contributed to Barrack Obama`s presidential campaigns? And can you tell me how GE gets away with paying so little, if anything, in taxes? Then Obama appointee Lois Lerner goes after tea party groups?

"So don`t you brain-dead morons DARE say that companies...", don`t buy the presidency, get taxed nothing, and then hypocritically attack others for not paying taxes, via their own media companies.
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Male 1,983
Is idiot Ollie speaking again?

And yet again Holy God beat me to the punch and in a significantly more polite manner than I would have.

Can you conservatards please tell me again how much in taxes General Electric Paid?
They had an effective tax rate of -11%.
[That`s a NEGATIVE 11%]
In other words they paid No taxes, zero, and we gave them millions and millions of dollars as a reward for making millions and millions of dollars.

How about the famous Duke Energy?
NEGATIVE 3.3%!!!
Pepco?
A FECKING NEGATIVE 33%

So don`t you brain-dead morons DARE say that companies in this country pay high tax rates because they fecking don`t you dogdamned brainless fecking imbeciles!
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Male 7,924
OldOllie

"Maybe if we didn`t have the highest corporate income tax rate in the entire f***ing world"

You`re smart enough to know the difference between the tax rate and the effective tax rate. Companies aren`t actually paying "highest corporate income tax rate in the entire f***ing world" and you know it.

As I already stated, the average effective tax rate (what companies ACTUALLY pay) is around 12%. You really think that is too high?

In addition, the reason we have higher corporate tax rates is because we have significantly lower income taxes than a lot of places so we need to make up the revenue.
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Male 15,832
Maybe if we didn`t have the highest corporate income tax rate in the entire f***ing world, we wouldn`t have to build our own version of the Berlin Wall to force companies to stay here and go bankrupt while low-cost foreign manufacturers undercut their prices and take their business.

Of course, the liberals` answer to this would be protectionist import tariffs which would only punish American consumers and start an international trade war.
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Male 17,512
jops: "..as it is now, we pay for them to leave.."

No, we don`t pay them to leave. That is a complete deception and no matter how it`s twisted, it`s just a falsehood.

If you drive a taxi for a living and use the mileage deduction on your 1040 form, are the American people paying you to buy gasoline for your taxi? Answer, No they aren`t.

"..who care if it would cost more because in the long term its better to have the jobs.."

The jobs are leaving because of high wages and insurance costs, along with unions that won`t negotiate in good faith. We`ve also been changing from a manufacturing based economy to a service based economy and that trend is not going to change. Gone are the days of graduating high school, getting a factory job and spending 40+ years there, retiring with a gold watch and a fat pension.
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Male 689
@crakrjak -
it might not have closed the loopholes but it would have stopped us from paying them to leave. also, who care if it would cost more because in the long term its better to have the jobs here than overseas. you seem to forget companies pay taxes every year and this would easily offset the difference. as it is now, we pay for them to leave and we dont see anything afterwards.
@avatarjohn -
you are a dumbass. we do not have the highest corporate tax in the world, not even close. average is around 12% and even then, they drop that below 5% with loopholes. worst part is the people that are there to govern it also get payed off by the same people. take walmart, the make the city pay for their store(even work deals to keep some of the sales tax for a couple of years) write off the expense and end up paying nothing. then, just when their "agreement" with the city is up, they "expand" by building a new store just outside of city limits.
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Male 17,512
Let`s get some details straight here.

First off companies deduct all sorts of expenses, including moving expenses, from their bottom line and that affects their net profit. Those are NOT tax breaks, those are itemized deductions.

Secondly, "The bill would have cost U.S. companies that move overseas $143 million in additional taxes over the next decade, according to the Joint Committee on Taxation, which analyzes tax legislation for Congress. Companies moving into the U.S. would have seen their tax bills drop by $357 million over the same period.

The difference - $214 million - would have been added to the budget deficit."

$143 million is a comparative pittance considering the US yearly budget is in the trillions. This bill did nothing to close the international tax loopholes that are the cause of tens of billions of dollars in lost revenue.

This bill was a useless stunt that would`ve raised our national debt even more.
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Male 4,431
As for having the highest corporate tax rate, that`s nuts. Look at ALL of Western Europe and look at a company`s entire tax burden. We here in the US aren`t even close. And they manage to provide universal healthcare. Go figure.
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Male 7,775
@denogginizer - that`s the trouble with ur average murican as we see on here on a daily basis. All the jobs are being dwindled away under their very noses but they are so busy making sure they can carry their uzi`s into McD`s they miss the important stuff.
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Male 7,924
AvatarJohn

" they already get taxed for income, so this is just double taxation for no reason other than greed on the part of Democrats!"

You also don`t undertand how taxes work. Next you`ll tell me capital gains tax is double taxation too right?
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Male 7,924
AvatarJohn

"Of course it`s Obama`s fault. The U.S. has the highest corporate tax rate on the entire planet. The #1 highest!"

Let`s count the ways you are totally full of s.hit and have no idea what you are talking about:

1. While the official tax rate is high, the average effective tax rate is 12.6%

2. It`s the exact same as is was under Bush

3. Obama tried to cut the corporate tax rate and republicans blocked it
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Male 1,399
Open borders for illegals, but not for corporations, eh?

You want to attract corporations? Have a sane tax policy. I`d move my corporation too.
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Male 1,059
Of course it`s Obama`s fault. The U.S. has the highest corporate tax rate on the entire planet. The #1 highest! THAT is the reason companies are moving away. So Democrats raise the corporate tax rate to the #1 highest on the planet, this causes companies to move away, and then they pull these election-year stunts to "prove" they care about jobs. They`re the ones causing the jobs to move away in the first place! You want these jobs back, remove corporate taxes altogether. It`s stupid to tax companies just because they are companies - they already get taxed for income, so this is just double taxation for no reason other than greed on the part of Democrats! Remove those taxes and watch the jobs flood back into the US.
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Male 820
I am as right wing as they come, but I feel that businesses that export jobs over seas should be penalized, not encouraged. Keep jobs in America.
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Male 5,970
Assuming this wasn`t a bill filled with pork and just some ways to address companies shipping jobs overseas there is no reason for the GOP to oppose this. At least the Democrats are willing to TRY and fight against our Corporate overlords once in a while.
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Female 184
Of course they did. Everyone on Capital Hill is in someones pocket. Why would you expect anything else?
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Male 320
You mean nobody is gonna say this is all Obama`s fault????
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Male 2,670
For the love of God, people, if we don`t act NOW to save our precious corporations from predatory taxation, next years` CEOs might have to install cheap gold-plated faucets on their second and third yachts!
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Male 5,970
The GOP is not for the people. Not that Democrats are much better they at least entertain the thoughts of actually doing something once in a while that`s for the "betterment of all".
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Male 7,775
Link: 42 Senators Vote To Keep Tax Breaks...[Pic] [Rate Link] - ...for US companies moving operations abroad
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