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.
