“American Jobs Creation Act,” , good analysis article

[Robert Oak]

While the law is titled the “American Jobs Creation Act,” it could more accurately be described as the “American Corporate Tax Boondoggle Act.”

The excuse provided to lawmakers for signing on to such a blatant corporate tax giveaway is that pumping dollars into corporate America will stimulate the economy, resulting in the creation of new jobs. The package does not, however, require that a single job be created. Computer maker Hewlett-Packard, which lobbied heavily for the bill and is sitting on some $14 billion in accumulated foreign profits, announced recently that it would continue to cut jobs this year, on top of the 25,000 it has eliminated over the past three.

By allowing companies to use the tax windfall for corporate buyouts, the result is all but certain to mean fewer jobs as production is “rationalized.” Analysts expect software maker Oracle Corp. to use some of its $3 billion in foreign earnings to help pay off its recent acquisition of PeopleSoft. The company plans to consolidate the two companies at a cost of 5,000 jobs.

http://www.wsws.org/articles/2005/feb2005/tax-f15.shtml

[Sugarbleus]

1. Great post!

How fitting--->"American Corporate Tax Boondoggle Act.”

I can't adequately express my disgust and outrage. The anger and outrage with all this sort of corruption rolls over me like an Abrams tank. It almost knows no bounds.

TAKE AMERICA BACK!

[TO Kid]

2. This is a symptom of a much bigger problem

The entire tax code, both personal and corporate, is an incomprehensible mess. They should just scrap it and start over. In the case of corporate income, instead of taxing in twice (company and shareholder), they need to decide where to tax it- either a flat rate on the profit or make the shareholders declare the dividends and capital gains as income. The system as it is now is just an invitation to tinker because it's impossible to predict who will pay or how much will be paid.

Real reform won't happen, though. Too many accountants' and lawyers' livelihoods rely on the complexity of the rules.

[spikesmom]

3. Where Are Efforts To Stimulate US Jobs (for Americans)?

We can contact companies like Hewlett Packard and letting them know that we won't buy their products because they don't support US workers. We can do that with companies ,as well. I recently contacted Playtex Corp. to let them know that I won't be buying their products because they cut their US workforce and intend to outsource overseas. When I contact these companies, I also let them know that I am putting their company on websites such as this to let everyone know of their intent to choose foreign workers over Americans.
We can also put pressure on our Senate to change the American Jobs Creation Act -it should do what it seems to say, actually create jobs for Americans. Corporations should only get a tax cut if they start hiring Americans.

[Robert Oak]

4. See my URLS

I have links to "how to buy American".

I don't know, there is so much SHIT, every day...must be at least
3 super outrageous stories on acts by our government every damn day...

I don't know how we get our country back but clearly our representatives do not represent us at all.

This bill was one of the biggest pork feasts and major propaganda lie
(by the bill title) in the last 100 years of legislation.