Matt Taibbi, about whom I've written previously, has written a new piece about Corporate America's ongoing rape of the country. In 2004, the Bush government gave a tax holiday to major corporations to allow them to "repatriate" their offshore earnings as they are supposedly only subject to tax when they bring them back into the country. The deal that the lobbyists sold was that these huge sums of money, once put back into the American economy would be used to create jobs etc. etc.
Only, as we have seen, it didn't. The money was paid out in insane bonuses to top executives and shareholders, or invested in the Wall Street bubble in full steam at the time.
Now they are making noises about doing it again as part of the debt reduction package circulating the Hill as we speak. For the same reason as before, too. The businesses, suddenly flush with all that cash, will immediately begin building factories and office towers and solve the job crisis!
What could possibly go wrong?
Doing the same thing again and again expecting a different result is the definition of insanity.
Make some noise. Write or call your Congress-critter and tell them we need jobs, not more Corporate Wealthfare!
Read the whole article here:
Corporate Tax Holiday in Debt Ceiling Deal: Where's the Uproar?