Posts tagged overseas
By Andrea Egizi
Posted Jan 4, 2013
It seems like everyone who is paying attention to the fiscal cliff debate has an opinion one way or another about the benefits and disadvantages of the Tuesday night passage of the Senate Bill. The compromise that was agreed upon can be described as a barrel filled with pork for both Democrats and Republicans and their corporate sponsors, being that earmarks and tax breaks for corporations are included amongst the illusion of fiscal relief for the middle and lower classes.
For the left, the tax increases on the super-rich, who make up approximately 0.9 percent of the American population (those individuals earning more than $400,000 or $450,000 per household), was a victory but still managed to fall short of the Obama campaign promise of raising taxes on the top two percent (individuals earning more than $200,000 or $250,000 per household). For the right, the numbers must have added up, seeing as quite a few house Republicans voted in line with the Democrats. This tax increase on rich folks from 35 percent to 39.6 percent will create about $600 billion in revenue over the course of ten years, but with congress’ track record being as shoddy as it is, who knows what programs or misuse it will go to, you know: like the TARP (Troubled Assets Relief Program), where taxpayer money went directly to the banks and CEOs but not to the millions of underwater homeowners that it was designed to assist to avoid foreclosure. But don’t worry, this money will surely not go towards paying down our world-record national debt of $16.4 trillions that was not even addressed by the bill. Economists have predicted that all the expenditure this bill allows will raise the national debt to $20 trillion during the next ten years.
Let us take a look at what else this bill will do to the economy and the American people. For starters, the bill extends for another year Goldman Sachs and Bank of America’s tax break by moving their headquarters to the “Liberty Zone”, a post 9/11 area where the World Trade centers once stood. This tax provision was created to help revitalize Lower Manhattan’s small businesses but instead helped out these two mega-bailed-out banks and helped to subsidize the construction of luxury apartments. Goldman Sachs alone was reported to have received $1.6 billion in tax free financing of its new building.
The Extension of the Active Financing Exception of Sub-part F is a very fancily-worded trade tax loophole; it extends a bill created in 1997 that allows American companies to avoid paying taxes on income from certain transactions called “active financing.” This loophole, a credit of up to $9 billion, basically encourages American companies to move overseas and thus outsource employment from Americans. One of the biggest corporations to abuse this loophole is General Electric (GE).
H/T to Matthew Hays
Published on Jan 26, 201
Uploaded by: THISISZION42303
By Michael Snyder
Economic Collapse Blog
This is the time of the year when Americans run out to their favorite retail stores and fill up their shopping carts with lots of cheap plastic crap made by workers in foreign countries where it is legal to pay slave labor wages. By doing this, the American people are actively participating in the destruction of the U.S. economy. You see, buying products that are made in America is not just a matter of national pride. It is a matter of national survival. If we do not support American workers, they are going to continue to see their jobs shipped out of the country.
If we do not support American businesses, they are going to continue to die off at a staggering rate. Last year, the United States had a trade deficit with the rest of the world of 558 billion dollars. More than half a trillion dollars that could have gone into the pockets of U.S. workers and U.S. businesses went overseas instead. If that money had stayed in the country, taxes would have been paid on that mountain of cash and our local, state and federal government debt problems would not be as severe.
As a result of our massive trade imbalance, we have lost tens of thousands of businesses, millions of jobs and trillions of dollars of national wealth. Both major political parties have sold us out on these issues, and we are getting poorer as a nation with each passing day. We desperately need a resurgence of economic patriotism in the United States before it is too late.
Yes, I know that it is very tempting to buy foreign-made products. After all, they are almost always cheaper.
But most people don’t often think about why they are cheaper.
Unfortunately, in the name of “free trade” American workers have been merged into a global labor pool where they have to compete directly for jobs with workers on the other side of the globe that live in countries where it is legal to pay slave labor wages. This makes employing American workers a tremendous liability.
If a company hires you and pays you 10 to 15 dollars an hour with benefits, how is it going to compete with another company that pays workers a dollar an hour with no benefits on the other side of the planet?
Both major political parties are pushing this emerging “one world economic system“, but it is absolutely killing American jobs. We have already seen a mass exodus of jobs and businesses out of this country, and wages for the jobs that remain in the United States are being forced down because there are hordes of unemployed workers that are willing to take just about any decent job they can find.
It has become painfully obvious that our politicians are not going to do anything to help us on these issues, so what we need is a mass awakening among the American people.
We need to educate people that buying things that are made in America is good for the economy and that buying things that are made elsewhere is bad for the economy.
But for now, most Americans are clueless. They will line up on Black Friday morning and trample one another in a desperate attempt to save a few bucks on cheap plastic devices that were made on the other side of the planet.
And they will pay for much of this “shopping” with credit cards.
Credit card debt is on the rise once again. In fact, average credit card debt per borrower was 4.9 percent higher in the third quarter of 2012 than it was in the third quarter of 2011. It looks like most of us didn’t learn our lessons from the last financial crisis.
But not all Americans enjoy the shopping that is typically involved with this time of the year. One recent survey found that approximately 45 percent of all Americans think that there is so much financial pressure associated with the holidays that they wouldn’t mind skipping them completely.
When Mitt Romney Came To Town — Full, complete version
Mitt Romney. Was he a job creator or a corporate raider?
That’s the question this film answers.
And it’s not pretty.
Mitt Romney was not a capitalist during his reign at Bain. He was a predatory corporate raider. His firm didn’t seek to create value. Instead, like a scavenger, Romney looked for businesses he could pick apart. Indeed, he represented the worst possible kind of predator, operating within the law but well outside the bounds of what most real capitalists consider ethical.
He is exhibit number one the left wants to use in the coming election to give capitalism a bad name.
He and his friends at Bain were bad guys. Any real capitalists should disavow Romney’s ‘creative destruction’ model that made him wealthy at the expense of thousands of American jobs.
Mitt Romney and his cronies pioneered ‘deindustrialization,’ a process by which they searched out vulnerable companies, took them over, loaded them with debt, and collected obscene fees while doing so. He sent jobs overseas or killed them altogether, and then picked apart the remains – including pension funds – before the companies went bankrupt.
Some might call that the free market. Most of us think its just plain wrong.
If you wonder why America has lost so many manufacturing jobs overseas, look no further than Mitt Romney — the King of Bain.
Think you know Mitt?
Personally, I have heard and seen enough. We all know, or should know Romney is Wall Street, never a doubt about it. Then you have the choice of Gingrich, the only Speaker of the House to be found guilty of ethics violations and fined $300k. Also Gingrich is pushing for the removal of Clinton for having an affair while he is conducting the same actions. Let us not forget his strong support for FRD. Big dollar lobbyist earning millions advising those who carried out actions were a major contributor to the housing collapse. More on Gingrich here and here. Let’s not forget Santorum, listed as 3rd most corrupt while in office in 2006 and his record of betrayal. Santorum currently is promoting his plans to bomb Iran.
All supporting pro Wall Street, pro war, pro status quo. Thankfully, this is not all we have to choose from. I will choose the only person the supports freedom, personal liberty and the Constitution. It is not even a choice, it is simply common sense.
Now more than every we need the Champion of the Constitution!
Please visit Ron Paul’s official campaign site by following the link below and donate today!