Perry Calls For Even Bigger Corporate Tax Repatriation Giveaway Than Corporations Have Asked

[cal04]

Perry Calls For Even Bigger Corporate Tax Repatriation Giveaway Than Corporations Have Asked For
http://thinkprogress.org/economy/2011/08/17/297963/perry-tax-repatriation/

A group of corporations have launched a campaign, known as “WinAmerica,” in an attempt to convince Congress to implement a corporate tax repatriation holiday. Such a holiday would allow corporations that have stashed money offshore to bring those funds back at a dramatically lower tax rate than the 35 percent to which they are usually subjected.

The justification for such a move is job creation, but Congress already tried a repatriation holiday in 2004, with disastrous results: the corporations that benefited most from the tax holiday wound up cutting jobs in subsequent years. Kristen Forbes, who was on President Bush’s Council of Economic Advisers when the last repatriation holiday was approved, told the Boston Globe that the policy “didn’t accomplish the stated goals of bringing jobs and investment to the US.’’

House Republicans have proposed a repatriation holiday that would have corporations pay a 5.25 percent tax rate on any money they repatriate. But even that is too high for new presidential contender Gov. Rick Perry (R-TX), who said today at an event in New Hampshire that corporations should be allowed to repatriate money without paying any taxes at all:

And here’s another issue from my perspective. Corporate profits that are offshore, that we tax at 35 percent. We know for a fact that money’s not coming back. They’re going to leave that offshore. So why not look at, and talk about, how you repatriate those dollars and have those dollars focused on job creation, but allow them to come back in at a substantially lower rate than 35 percent. Say, something like, if it’s clearly going for job creation, like zero, to get this economy working again.

Watch it:
http://thinkprogress.org/economy/2011/08/17/297963/perry-tax-repatriation/

[Gman]

1. And the do it with such a straight face it's incredible

mind-boggling deceit.

[OHdem10]

2. As a guy said on PBS last night: The US rewards the Wealthy

for creating wealth--not like other countries
who have desired more equality. You could
say Perry is a real Patriot.

If you have time Check out Paul Solomon's piece
on the Wealth Disparities.

PBS.org

[Ilsa]

3. People like Prick Perry act tough, but are cowed by the big corporations.

They are willing to bend over and take it for them, then take their money. Let's face it: Rick Perry prostitutes himself and the US.

No insult or comparisons to sex workers is implied or should be inferred.

[RKP5637]

4. They're licking their chops for more. Sometimes I think we would be better

off if all of these F'en corps just left the country and we started over again. I'm the product of a corp. family and a corp. career, but if young today I wouldn't go near a F'en corp. for a career. Stay as independent as possible and away from all of these creeps. In the long run they will devour everything. They are a blight on society.

[badtoworse]

5. The idea has a lot of merit

If repatriated profits are taxed at 35 percent, that is a huge incentive to keep the money offshore and invest it in a lower tax country. I like the idea of a rock bottom rate tied to capital investment of the money in new plant with accelerated depreciation to sweeten the pot even more.