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The inscrutable comments of Charlie Bass

by: DianeR

Mon Sep 26, 2011 at 13:38:46 PM EDT
Check out this quote from Charlie Bass' guest editorial in Sunday's Nashua Telegraph. Is this guy nuts? Or an I missing something? I honestly don't get this. It sounds like he is saying we should reward companies for offshoring.

ANNIE, WE NEED YOU! KUSTER IN 2012!


From Bass op ed, Nashua Telegraph, Sept 25:
First, Congress should enact a temporary or permanent amnesty on the U.S. taxes a U.S. company is forced to pay on foreign-sourced income. For example, a company based in Nashua that also does business overseas is taxed on both its U.S.- and foreign-earned income.

This amounts to double taxation and explains why some U.S. companies are choosing to relocate their operations - and jobs - overseas. It is estimated that more than $1 trillion in assets held by U.S. companies offshore would be returned if we enacted a law that suspended, at least temporarily, the tax on foreign earnings.
DianeR :: The inscrutable comments of Charlie Bass
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The inscrutable comments of Charlie Bass | 5 comments
This was tried in 2004. (0.00 / 0)
The argument actually is that they would use the profits brought back here, on which they would pay no or little US tax, to create jobs.  Here's a good overview.

Of course they didn't then.  And now companies are sitting on mountains of cash, and not creating jobs, at least not in the US, because there is no demand for their products in a global recession.  So why would more money make them create jobs?  

When you hear something about cutting taxes to create jobs, reach for a large shaker of salt.  They've been claiming tax cuts for corporations and millionaires and billionaires will create jobs since St. Ronnie's reign.  Haven't seen much in the way of job growth except when Clinton raised taxes on the rich in the 1990s.  

Charlie's just repeating the party line.  He's not very inventive or even very good at explaining how this trickle down works.  Time to get rid of him, and Frankie too.

This just popped up in my daily e-mail (0.00 / 0)
from Pro-Publica.  Corporations get away with murder these days in this country, never mind shifting the tax burden to the rest of us.  (That phrase that Carol Shea Porter used all the time, "the rest of us," just seems to be coming back all the time in my writing.  Wonder why?)
great article! (0.00 / 0)
Thank you for posting it! What an eye opener. Sounds like a good topic for my next letter to our reps and senators in DC.

It is disturbing to me how our president capitulated to these folks, and how much money our country is losing because of it. Punch 'em in the nose and JUST SAY NO!

[ Parent ]
They will just give the money to Republicans in the next election is they are allowed to bring it back. (0.00 / 0)

Yeah, (0.00 / 0)
they call that "investing" it.
[ Parent ]
The inscrutable comments of Charlie Bass | 5 comments

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