Two Huge Things the Nation Needs

Great news from--who else? Independent Vermont Senator Bernie Sanders:

Bernie Sanders Introduces Bill To End Offshore Tax Havens and Outsourcing of Jobs

Two things that should never have been put in the books anyway but they were because the wealthy and corporations can buy our legislators with "campaign contributions" and get the legislation they want, in spite of what's good for the nation.

Right now, America, we have laws on the books making it legal to take profits that were made here in the US, take them to the Cayman Islands and so, make them tax free.

That is textbook insanity. It's certainly fiscally irresponsible.

And the other thing that should no way have ever been made law was that companies would get tax credits, too, for offshoring manufacturing and so, manufacturing jobs.

More crazy.

We all know we want more jobs back here in our country, maybe especially manufacturing jobs. This is an excellent way to begin that process.

These two efforts, that is, bringing profits and jobs back "on shore", back to America, would go a long, long way toward fixing two major problems in this country. The first being tax revenue on profits made here in the country and the other of bringing jobs back.into the country.

There shouldn't be one government representative that is against either of these goals.

Sadly, however, because the corporations and wealthy virtually own the Republicans and the Republican Party, they won't be for it.

They're "Job Creators", all right

Something legal -- that shouldn't be

A study was just released proving still more that letting the wealthy and corporations offshore profits, first, shouldn't even ever been made legal and that it should, now, be reversed and made against our tax laws:

Exhaustive Study Finds Global Elite Hiding Up to $32 Trillion

A new report reveals how wealthy individuals and their families have between $21 and $32 trillion of hidden financial assets around the world in what are known as offshore accounts or tax havens. The actual sums could be higher because the study only deals with financial wealth deposited in bank and investment accounts, and not other assets such as property and yachts. The inquiry was commissioned by the Tax Justice Network and is being touted as the most comprehensive report ever on the "offshore economy." It also finds that private banks are deeply involved in running offshore havens, with UBS, Credit Suisse and Goldman Sachs handling the most assets.

And the crazy thing is, of course, that it is legal, and that we allow this, but to go back to the beginning of it all, what's really insane is that, because of "campaign contributions" to their--our--legislators, the laws were written for the wealthy in the first place, so they could get away with this kind of rather treasonous obscenity in the first place. 

And sure, the wealthy will always have the laws written for themselves first but let's not let it be THIS easy for them. Let's at least see to it this is rescinded and made illegal.  Let's at least do that. Then, after that, let's take away tax cuts for offshoring jobs in America.

It's difficult to believe we even have to say this.

Link:s  

Matt Taibbi Explains Wall Street’s "License to Steal," Offshore Tax Havens and Private Equity Firms

"Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History." (Spiegel & Grau, 2011)

Matt Taibbi & William Black on Bailout Secrets & How New Foreclosure Deal Spares Banks from Justice

Jan 11, 2013 | STORY

"Failure of Epic Proportions": Treasury Nominee Jack Lew’s Pro-Bank, Austerity, Deregulation Legacy

Jan 11, 2013 | STORY

Matt Taibbi: After Laundering $800 Million in Drug Money, How Did HSBC Executives Avoid Jail?

From the "I can't believe we have to even say this" file

From this breaking article today--this morning--on Yahoo! News:

5 Unfair Tax Breaks That Should Be Eliminated (link at bottom)

Here's the last one, number 5:

Tax break for offshoring U.S. jobs

Businesses also get their fair share of tax breaks and tax loopholes. The ability to save on corporate taxes by shipping operations overseas is one of the most vilified corporate tax breaks.

U.S. businesses get a tax deduction for the costs they incur in relocating their domestic operations to a foreign location. True, it's not a special tax break for moving, say, a factory and its 600 jobs from St. Louis to Singapore. If the company had moved from St. Louis to Indianapolis, the business would get the same tax deduction. And, says the Tax Foundation, jobs are at least three times more likely to be relocated from one state to another than overseas.

Still, when U.S. unemployment is high, a tax break that rewards the elimination of more U.S. jobs seems like a really bad idea.

I've said this before here, that any and all tax deductions that reward companies and people for offshoring jobs should, without doubt, be rescinded. The Democrats proposed it in Congress, a year or two ago, but it was killed by that other political party as "raising taxes."

We need jobs here, first of all, and second, there shouldn't be tax breaks for offshoring manufacturing or other jobs because, after all, we need the tax revenue here in the States.

It's difficult to believe we even have to say this, isn't it?

Link to original post: http://finance.yahoo.com/news/5-egregious-tax-loopholes-benefit-080033155.html

Timely Christmas and holiday idea

First up, stay away from Wal-mart.

Please.

Next, after that, just try your best to stay away from corporate gifts and stores, for that matter.

Start the whole process for gifts for family or friends, if you're doing it at all, with thoughts of how you can get them things that are handmade or that you make or from some local art store or artist, or whatever.

Get, be and stay creative and see what you can come up with.

The gift will be far more appreciated if it isn't corporate and/or made, cheaply, on some other continent.

Good luck.

And if you do it, thanks, in advance.

More good business news on the home front

Article I saw this morning:

U.S. HAS BEEN THE #1 COUNTRY TO MOVE MANUFACTURING INDUSTRY TO IN PAST 2 YEARS

"In a sharp reversal from years past – America is actually INSOURCING manufacturing jobs again. Companies are finding transportation and energy costs are climbing and costing them more money in the long run. As we have written – America has created nearly 500,000 jobs since January of 2010…stopping the hemorrhaging of job losses for blue collar workers.

Two-thirds of big US manufacturers have moved factories in the past two years, with the most popular destination being the US, according to a survey being released on Monday by Accenture, the consultants."


So that is good news.

Now, what else could and should happen?

Our Congress in Washington should propose and pass a law that all tax credits and deductions to companies to take manufacturing offshore should be rescinded and eliminated immediately.

I mean, really, does it make any sense to reward companies here in the States to take manufacturing offshore?

Of course not.

And the only reason those were created was because some corporate lobbyists proposed the idea to a or some people in Congress along with a check--or some checks--in "campaign contributions."

We should see to this as soon as possible.

Please take a moment and email your Congressional representatives in the Senate and House. It's too simple and makes far too much sense.

Links: http://www.classwarfareexists.com/u-s-has-been-the-1-country-to-move-manufacturing-industry-to-in-past-2-years/; http://www.ft.com/cms/s/0/115005c6-a225-11e1-a22e-00144feabdc0.html#axzz1vWY6ZnVl

The US gives tax credits right now to offshore manufacturiing

One of the most obvious, simple, intelligent and helpful things our US Congress could and should do is this, from President Obama's State of the Union address last evening: Right now, companies get tax breaks for moving jobs and profits overseas. Meanwhile, companies that choose to stay in America get hit with one of the highest tax rates in the world. It makes no sense, and everyone knows it. The fact is, most Americans don't know that right now, with our current tax code, we actually reward companies for taking manufacturing offshore, nearly unbelievably. Not only that, but the Democrats proposed, last year, doing away with all these. No brainer, right? Well, not so for the Republicans---they killed it, insanely and irresponsibly enough. This should go and go immediately. Please write your Senators and Representatives in Congress today--or as soon as possible. This needs to change and change quicly. Link to the SOTU address: http://www.washingtonpost.com/politics/state-of-the-union-2012-obama-speech-excerpts/2012/01/24/gIQA9D3QOQ_story.html?wpisrc=al_comboNP_p

Why aren't we mad as hell?

I remember reading about this when it happened in 2010. The Democrats in Congress proposed doing away with tax credits for taking manufacturing offshore, some time ago. If the Dems were for it, guess who was agin' it? As if we need to guess. Here's the original story: Republicans block ending offshore jobs US tax breaks WASHINGTON, Sept 28 (Reuters) - U.S. Senate Republicans blocked a Democratic bill on Tuesday to end tax deductions enjoyed by companies that close their U.S. plants and move overseas. With a largely party-line vote of 53-45, Democrats failed to muster the 60 votes needed to clear a Republican procedural hurdle against the measure, which would also give employers a tax break to hire new U.S. workers. What's really maddening is that 5 soft-headed, idiotic Democrats crossed party lines to vote against it, though, too, I have to admit, however painfully. This, to me, seems like something that should be easy and obvious that it's good for the country. We should bring jobs back here and we should do away with tax credits that move them offshore. For that matter, we should also do away with tax credits for corporations to take profits offshore. Duh. But then, it's the corporations and their money that are in charge in this country, as we know, sadly and frustratingly. Link: http://www.reuters.com/article/2010/09/28/usa-democrats-offshore-idUSN2821013620100928

Can't we kill the tax deductions for taking American jobs offshore? Please?

Following are just two of the "19 Facts About the De-industrialization of America That Will Make You Weep" from Business Insider:

• One prominent economist is projecting that the Chinese economy will be three times larger than the U.S. economy by the year 2040.
• The Census Bureau says 43.6 million Americans are now living in poverty, which is the highest number of poor Americans in the 51 years that records have been kept.

If you just look at these two alone, you can see that China is rising and increasing its manufacturing, money and power, while, at the same time, we--the US--are losing our money, manufacturing capacity and power.


But check this out---when the Democrats put up a bill to do away with tax incentives given to companies that take jobs offshore, the Republicans voted it down.  


Naturally.  If it's by the Democrats, they have to vote against it, even if it's good for the country.


Let me say again, folks:  If the Democrats come up with something, anything, good for this country between now and November, 2012's election, the Republicans are going to vote against it, country be damned.


Of course, they won't want to vote for anything this President wants, either, good or bad for the country, same thing, but they also don't want to vote for anything their corporate owners or overlords or whatever you want to call them, don't like or want.


Unless we can get the Republican House to do things good for the American people, the American manufacturing base (and I don't mean just more tax deductions for companies and corporations) and the American people, we're in a world of hurt.


It doesn't look good for us.

Link to original post:  http://www.businessinsider.com/deindustrialization-factory-closing-2010-9#the-united-states-has-lost-approximately-42400-factories-since-2001-1