Hitting the Tax-Break Jackpot (This is infuriating)

[genieroze]

Don't know if this was posted under a different title


Hitting the Tax-Break Jackpot
By EDMUND L. ANDREWS

Published: February 1, 2005




WASHINGTON, Jan. 31 - When Congress passed a one-time tax break on foreign profits last fall, lawmakers said their main purpose was to encourage American companies to build new operations and hire more workers at home.

But as corporations are gearing up to bring tens of billions of dollars back to the United States this year, adding jobs is far from their highest priority. Indeed, some companies say they might end up cutting their work forces.

Hewlett-Packard, for example, which has accumulated $14 billion in foreign profits and lobbied intensively for the tax break, announced on Jan. 10 that it would continue to reduce its work force this year. That would come on top of more than 25,000 jobs that it eliminated during the previous three years.

Hewlett, like several other companies expecting to benefit from the tax break, said it had not made any final decisions about what to do with the money.

http://www.nytimes.com/2005/02/01/business/01windfall.html?ex=1108098000&en=63567ed45b95d176&ei=5070

[cornermouse]

1. Maybe its time to put a tourniquet on their pipeline to

Fort Knox.

[genieroze]

2. Kick this