How Republicans sent Jobs Overseas BY ELFlSH!

I. PROVIDE TAX INCENTIVES TO SHIP JOBS OVERSEAS:

In 2003, the Republicans passed new tax laws that gave businesses instant profits by shipping jobs over seas:

1. OVERSEA: Business receive Tax Deductions for moving and running a businesses over seas.

   AMERICA: There is No Comparable Tax Deductions for starting and running a business in the US.

2. OVERSEAS: Companies can Defer tax payments for years (sometimes forever) on profits made overseas. 

   AMERICA: US corporations are required to Immediately pay taxes on any profits made in the US.

3. OVERSEAS: US Corporations get both a Tax Deduction and Tax Credit on Foreign Taxes. For every $100 in foreign taxes paid a corporation gets $135 in savings: $35 in deductions and $100 in Tax Credit.

   AMERICA: No comparable credit for US corporations.

4. OVERSEAS: There is a “Check Box” option that allows overseas subsidiaries to disappear from the US Tax Rolls, shielding profit from taxes.

   AMERICA: There are no comparable way for companies operating in America to hide from US taxes.

BOTTOM LINE: US Tax Code does everything to ship jobs overseas.

II. RESULT: MILLIONS OF JOBS OVERSEAS:

As soon as the new tax laws were passed under George Bush, the number of jobs sent overseas tripled:

2002 – 588,000

2003 – 315,300

2004 – 536,500

2005 – 832,000

2006 – 963,500

2007 – 1,095,500

2008 – 1,252,000

Total: 5,582,800 

If those jobs were here, the unemployment rates would be 5.7%

III. R0M0NEY’S ROLE. As Governor, R0M0NEY vetoed legislation that would have prohibited sending State jobs overseas and bared state contractors from sending jobs overseas. He even sent State Call Center Jobs overseas.