By setting up a State-Controlled Bank with their investment funds, which is what North Dakota did, cutting out the Wall Street investment firms’ profits and making their funds in house (created some new jobs, too.) When you read the whole article you will see why someone should give this idea to Scott Walker and the Wisconsin Republicans.
“Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself.”
I’m having a morning of amusing television watching the House of Representatives on C-Span debate the extension of the Bush Tax Cuts. Well, right now they are debating the rules by which they will debate the subject (which is funny enough in and of itself).
The Democrats are pushing to extend the cuts to 98% of Americans who earn less than $250,000 a year while restoring the taxes on Millionaires and Billionaires. Republicans are threatening a standoff… either give tax cuts to everyone, including the wealthy, or have the vote held up and watch it die in the Senate.
The republicans are, essentially, wasting as much time as possible with the goal of getting into the next Congress and passing return to the Bush tax cuts as a return legislative move.
Of course, the thing that would work now is the Democrats in the House pushing this through and the Senate finding two Republican votes to get the filibuster-ending 60 votes which would pass the legislation before everyone trots home for Christmas.
Is this likely to happen? Probably not. There is also the notion that the President has already agreed to a temporary extension for everyone and the wealthy would be taxed again a couple of years down the road. With change in control of the House, this would be highly unlikely…the Republicans, supporting the wealthy, would seek permanence of the extension.
While a fifteen minute vote on the first House rule is going on in the House, I switch to the Senate to listen to Byron Dorgan (D – North Dakota) compare the untaxed Wealthy with the middle class soldiers who get up this morning to get shot at by Afghanistanis. I don’t think anyone is listening (the Senate floor seems to be empty). I’m often curious if Senate speeches accomplish anything at all.
Back to the House where Democrats are voting for the rule and Republicans are voting against it. Surprise, surprise. Wouldn’t it be amazing if Congressfolk voted according to actual values rather than party lines?
- “McConnell warns of filibuster on tax bill” and related posts (politicalticker.blogs.cnn.com)
- Republicans Hold the Power on Tax Cuts (politicalwire.com)
- Republicans threaten gridlock unless Obama extends tax cuts for wealthy. (calgaryherald.com)
- Senate Democrats and GOP In Legislative Ditch Over Tax Cuts (politics.blogs.foxnews.com)
- Tax Battle Begins with No Democratic Consensus (news.firedoglake.com)
- Americans Deeply Divided Over Tax-Cut Extensions (dailyfinance.com)
- You: Economic Scene: In Tax Cuts, the Options Run Short (nytimes.com)
- House to Vote Thursday on Tax Cuts (thecaucus.blogs.nytimes.com)
- House to vote on fate of Bush-era tax cuts (msnbc.msn.com)
- Senate GOP Unanimously Pledges to Filibuster All Bills Until Dems Agree to Tax Cuts and a Budget (minx.cc)
- Do Tax Cuts Help The Economy? (seeingtheforest.com)
- Dave Johnson: Do Tax Cuts Help The Economy? (huffingtonpost.com)
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)
… this afternoon, I got an even bigger kick out of the piece our friend Tengrain put on Mock Paper Scissors. Take a look HERE:
There’s People Dumber Than Dirt… and the there’s Ben Nelson.
Drop over and read it (and tell Tengrain that btchakir sent you.)
What happens when North Dakota Democrats support Single-Payer Health… or at least a Public Option… and let their Senator on the Finance Committee know?
Senator Conrad could end up in big trouble at home… and it is not that big a state in population terms. I wonder when he’s due for reelection?