The Last Of The Millenniums

Just because it always has been, doesn't mean it always will be

Archive for the day “July 31, 2013”

The (cough) ‘Grand Bargain’ – ‘Tax Holiday for Overseas Corporate Profits Would Increase Deficits, Fail to Boost the Economy, and Ultimately Shift More Investment and Jobs Overseas’

tax holiday2

 

tax holiday

 

tax holiday1

We are a ‘demand side economy’. When people have
money (jobs), they ‘demand’ (buy) and that creates jobs.

A ‘supply side economy’ cuts taxes for the
corporations – thinking that with the extra income,
they will create jobs to make products the people
don’t have the money (jobs) to pay for.

Why reward the corporations for using the tax laws?

This from 2011 when Congress was talking about it.

Nothings changed.

‘Nevertheless, the evidence shows that the first
holiday failed to produce the promised results. Its
primary effect was to provide a huge windfall to
the shareholders of a small number of very large
corporations’.

‘Moreover, a new tax holiday would increase budget
deficits by tens of billions of dollars over the
coming decade. And unlike the 2004 repatriation
holiday, which was sold as a “one-time-only” event,
a second holiday would send a powerful message to
corporations to shift investment and jobs overseas
and hold the profits there — until yet another tax
holiday is declared’.
@ :
http://www.cbpp.org/cms/index.cfm?fa=view&id=3441
————————————–
‘Corporations Say Special Tax Holiday Will Create
Jobs. Don’t Believe Them’

‘Here’s how the nonsense would work, in theory.
Companies doing business oversees pay foreign taxes
(the same way a Mexican company working out of
Kansas pays U.S. taxes). When they bring home
profits, they pay the difference between the
foreign and U.S. tax rates. That is a disincentive
to invest domestically and create jobs. If
Washington announces a brief “holiday” for
repatriated income, every wins. A trillion bucks
comes home, Washington gets a cut to pay off the
deficit, and domestic investment comes roaring into
the economy’.

‘That’s the theory. Here’s the reality’.

‘In 2005, the Bush administration announced a
holiday for repatriated income. Three hundred
billion dollars came back to the United States, but
“92 percent went straight to shareholders in the
form of dividends and stock buybacks,” David
Kocieniewski writes in the New York Times’.

‘A study by the National Bureau of Economic
Research found the program “did not increase
domestic investment, employment or research and
development.”
@ :
http://www.theatlantic.com/business/archive/2011/06
/corporations-say-special-tax-holiday-will-create-j
obs-dont-believe-them/240725/
————————————–

‘Heritage: Repatriation Tax Holiday Wouldn’t Create
Jobs’

‘In a break from many Republican lawmakers and a
host of major U.S. companies including Google Inc.,
Apple Inc., Pfizer Inc. and Microsoft Corp., the
Heritage Foundation said in a new study that a
repatriation tax holiday would not motivate
companies to hire new workers’.

‘While the tax break would likely prompt companies
to bring home overseas profits, those companies
wouldn’t use the extra cash to hire workers, launch
mergers or make other new investments they wouldn’t
already undertake, argue senior fellow J.D. Foster
and senior policy analyst Curtis Dubay’.

‘The 2004 tax holiday prompted 843 corporations to
bring back $312 billion to the U.S., according to
the Internal Revenue Service. But the repatriated
funds were primarily used to reward shareholders,
largely through dividends and stock buybacks,
according to a 2009 study published by the
nonpartisan National Bureau Of Economic Research’.
From :
http://blogs.wsj.com/economics/2011/10/03/heritage-
repatriation-tax-holiday-wont-create-jobs/
——————————————

 

‘Chris Christie Blasts Senator Rand Paul, Reminds Him That Kentucky Is A Welfare State’

christie vs paul1

 

christie vs paul2

I want this fight and hope that it stays public.

Christie will crush Rand ‘The Bigot’ Paul and most of the ‘libertarian’ crap that is floating around stinking up the Country.

Now am I a ‘Chris Christie’ Supporter?

Don’t even. I’m a ‘Clinton’ Democrat.

And Hillary will run (and win) and I hope go against Christie as the Republican and Paul as the teabagger, splitting the Republican Party and maybe, just maybe – putting the teabaggers where they belong – out of the debate.

I don’t see any other Republican ‘strong’ enough to take on the extreme wing nuts and beat them.
—————————————-

Governor Christie….a word if I may.

You’re trying to have a rational conversation with a libertarian.

You can’t because they have created a reality that if something doesn’t directly affect them – it’s not needed.

Such as Rand ‘The Bigot’ Paul’s response :

‘Paul pointed to Kentucky’s two military bases as reasons why the state may get more money from the government’.

“What does he want to do, shut down military bases in Kentucky?” he said.

‘Fort Campbell and Fort Knox, both Army bases, are located in Kentucky’.

Of course in Rand ‘The Bigot’ Paul’s libertarian World, New Jersey doesn’t have any military bases and that’s why they don’t sponge off the Federal Government.

Opps.

‘New Jersey itself is home to a large joint military base that houses the McGuire Air Force base; Naval Air Engineering Station Lakehurst; and Fort Dix, an Army base’.
@ : http://politicalticker.blogs.cnn.com/2013/07/30/paul-christie-is-the-king-of-bacon-on-government-spending/

Rand ‘The Bigot’ Paul just ignores the fact that Kentucky IS a welfare State – a State that is supported by taxes paid by mostly ‘Blue’ State.

‘Kentucky
$1.51’
‘New Jersey
$0.61’
@ : http://taxfoundation.org/article/federal-taxing-and-spending-benefit-some-states-leave-others-paying-bill-1

http://video-embed.nj.com/services/player/bcpid2448849541001?bctid=2575231978001&bckey=AQ~~,AAAAPLMIP6E~,BRrRHTAljlELD08zlMeHyAHjqVCNkbI2

‘During the press conference, Christie blasted Paul for daring to question the fiscal responsibility of New Jersey when he is the Senator of Kentucky, a welfare state’.

“I find it interesting that Senator Paul is accusing us of having a gimme, gimme, gimme attitude toward federal spending when in fact New Jersey is a donor state, we get 61 cents back on every dollar we send to Washington”.

“And interestingly Kentucky gets $1.51 on every dollar they sent to Washington”.

“So if Senator Paul wants to start looking at where he is going to cut spending to afford defense, maybe he should start looking at cutting the pork barrel spending he brings home to Kentucky at a $1.51 on every dollar and not look at New Jersey where we get 61 cents for every dollar. Maybe Senator Paul could deal with that when he is trying to deal with the reduction of spending on the federal side, but I doubt he would because most Washington politicians only care about bringing home the bacon so they can get reelected.”
From : http://www.addictinginfo.org/2013/07/31/chris-christie-blasts-senator-rand-paul-reminds-him-that-kentucky-is-a-welfare-state-video/

 

What Congress Does – ‘Food Stamp Cuts Set To Kick In, Congress Not Paying Attention’

food stamps

The good news is they go on recess for a month. And the House has only delt with 3 of the 12 programs to be funded.

as of now, Republicans have no pending legislation on the Food stamp (SNAP) portion of the Farm Bill they passed.

WASHINGTON — ‘Regardless of whether Republicans succeed in cutting food stamps this year, the 22 million American households relying on the program will see their benefits drop in November’.

‘The looming reduction has received little attention since lawmakers set it in motion years ago. The average household’s monthly benefit from the Supplemental Nutrition Assistance Program will drop by $20 or $25, according to the Center on Budget and Policy Priorities, a liberal Washington think tank’.

‘The November reduction is happening separately from the debate over cutting food stamps as part of a broader farm bill’.

‘The cut is set to kick in because a 13 percent benefit boost from the 2009 stimulus bill is expiring. Initially, the plan was to let inflation catch up with the increase so that SNAP recipients would never see a month-to-month dollar decline’.

‘But in 2010, Senate Democrats and the Obama administration needed money to offset the cost of a series of spending bills. They said at the time they would replace the money later, but they never did’.
From : http://www.huffingtonpost.com/2013/07/29/food-stamp-cuts_n_3671142.html

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