Daily Archives: September 27, 2010
“So two years ago America broke up with you, because you had badly mistreated her. … And you come back rapping on our door, hat in hand, and you say, ‘Baby, I know you love me. But if we get back together, I pledge to you, I promise you, I will still try to f*ck your sister every chance I get.'”
And that about sums up the GOP’s approach to the Middle Class…
- ‘Postcards from the Pledge’ (washingtonmonthly.com)
- CAUGHT: Stewart Shows GOP’s ‘New’ Pledge Exactly The Same As The Old (VIDEO) (huffingtonpost.com)
- David Gregory Plays Jon Stewart Clip To Bash Boehner and GOP (newsbusters.org)
Dorgan (D – North Dakota) is the Senator who introduced legislation, S. 260, to shut down a tax loophole that rewards U.S. companies that move U.S. manufacturing jobs overseas. The legislation would close the loophole that allows U.S. multinational companies to defer paying income taxes on profits they make from the U.S. sale of the products manufactured in foreign factories, until those profits are returned to the United States, if ever. Manufacturers who remain in the United States receive no similar subsidy.
While passage of this law has obvious benefits for the U.S., it has been something Dorgan has been trying to get through for ten years.
You may not believe it, but when a U.S. company closes down a U.S. manufacturing plant fires its American workers and moves those good-paying jobs to China or other locations abroad, U.S. tax law actually rewards those companies with a large tax break called deferral. The tax code allows these firms to defer paying any U.S. income taxes on the earnings from those new foreign-manufactured products until those profits are returned, if ever, to this country. If a company making the same product decides to stay in this country, it is required to pay immediate U.S. taxes on the profits it earns here.
– Senator Byron Dorgan
Examples of products that used to be manufactured in America but now are being made in China or Mexico or other countries? How
about Nabisco Fig Newtons, which are now made by 50¢ per hour workers in Mexico. Or Huffy Bicycles, formerly made in Ohio, now made in China by 33¢ per hour workers. Or Etch-a-Sketch. Or La-Z-Boy furniture. Or Fruit of the Loom underwear. The list goes on and on.
And we support the outsourcing of products in two ways. When we go to Wal-Mart or K-Mart (companies that demand our products at the lowest prices) and purchase them we give tacit support to the throwing away of American jobs. But that isn’t the only way we support major corporations who screw Americans out of their jobs…we give them tax breaks for doing it! These are called “Deferrals” and they are totally legal.
We have lost so many jobs, especially in the 8 Bush years when close to 750,000 jobs a month disappeared as work making everything
from solar panels to Radio Flyer Wagons went to China, Mexico, and other countries where child labor at 50¢ per hour for 12 hours a day, 7 days a week, can create products for minimum corporate expense. It will be extremely difficult to bring jobs back, but without changing the law so that tax breaks go to those who remain in America to carry out manufacturing and not to those who rob us of jobs and send the production overseas.
The Senate is debating the issue today. Needless to say, no Republicans are stepping up to the plate yet and Republican leader McConnell (R-Kentucky) has stated that no problem exists. The President signed legislation today to make $50 Billion Dollars available to banks for loans to small businesses. Hopefully, this will create employment and perhaps see new products manufactured in our country.
One could hope.
- Former President George W. Bush, U.S. Senator Byron Dorgan, DOE Assistant Secretary Cathy Zoi to Address Windpower 2010 Conference & Exhibition (eon.businesswire.com)
- Senate Democrats Make One Last Push At Jobs Bill (huffingtonpost.com)
- Huffpost Hill – September 22nd, 2010 (huffingtonpost.com)
- Durbin Says Senate Won’t Pass Tax Cut Extension Before Election (businessweek.com)
Linda is getting a new car (through her company, I think… it’s a Ford Fusion that she had to order in Illinois) and when she gets it she would sell me her Subaru Outback (1998 and very well maintained) at a good price. I checked to see if this was a car that could get beyond the 250,000 miles that are on it and, from all I’ve read so far, in well-maintained condition this could get twice that amount of mileage and still be running. With my rate of driving (about 12,000 miles a year) I’d probably be long dead before that amount of miles was hit. The only problem here is that Linda doesn’t know when her new car will get here… it may take a couple more weeks, which would leave me in my carless condition for longer than I wanted. However, I’ll deal with it as well as I can.
The first week of Thurber Carnival is over and I don’t have a call until Friday night, so that’s one more thing I can put out of my mind. Now I have to arrange getting to two Doctor appointments this week and two or three next week. It won’t be easy, but it can be done.