As we move closer to election day and in the aftermath of the House of Representatives taking a vacation without giving Middle-Class tax breaks or creating jobs here in our wonderful nation, here are some facts to keep in mind every time frustration rises about jobs, taxes, foreclosures, student loan debt ... what does all this mean for YOURS TRULY as parents, students, home owners, job seekers, tax payers, etc. Knowledge is still POWER!!!
The following is a repost by By Travis Waldron from Jul 16, 2012 at 11:45 am):
"Republican presidential candidate Mitt Romney’s plan to overhaul the American corporate tax code would “exacerbate the worst features of our current tax system” by giving corporations more than $1 trillion in tax breaks and providing an incentive to outsource jobs and stash profits overseas, according to Seth Hanlon, the director of fiscal reform at the Center for American Progress Action Fund.
While the United States already provides an incentive for companies to store profits in offshore tax havens instead of investing those profits at home, Romney’s plan to shift the U.S. to a territorial tax system would make the situation even worse, Hanlon wrote in a report published today:
Gov. Romney’s proposed exemption for foreign profits would exacerbate the worst features of our current tax system. It would:
– Enhance the tax code’s rewards for moving jobs and investments overseas
– Provide a gratuitous windfall to some of the very companies that have already shifted jobs and profits overseas
– Further invite the offshore tax haven abuse that deprives the U.S. Treasury of tens of billions of dollars in revenue every year
The current system already encourages investment overseas, since corporations are allowed to defer tax payments on foreign profits until they “repatriate” them to the United States. Romney’s plan would exempt companies even from this tax, which will cost the U.S. $130 billion over the next decade. “When combined with Romney’s proposal to slash the top corporate rate from 35 percent to 25 percent, which would cost more than $900 billion, it pushes the total corporate tax cuts in the Romney plan to over $1 trillion,” Hanlon writes.
Romney’s reforms could also cost America jobs and invite further abuse of offshore tax havens, Hanlon writes. Because corporations would know they are permanently free from paying American taxes if they invest abroad, Romney’s plan would encourage such investments. Those investments would lead to 800,000 jobs in other countries, “potentially displacing U.S. jobs.” Economist Kimberly Clausing, Hanlon notes, “estimates that under a territorial tax system, even more profits of U.S.-based companies would shift to tax haven countries,” a problem that already costs the average American taxpayer $434 a year.
Bain Capital, the company Romney founded, routinely outsourced jobs to low-wage countries like Mexico, China, and Ireland while Romney was its chief executive, and it also utilized offshore tax havens in Bermuda and the Cayman Islands to help investors avoid American taxes. Now, his corporate tax reform plan would make it even easier for companies to do the same under the guise of “competitiveness.”"
Because of this outrageous ideal by Romney, we must stay active to ensure he does not have his way! There are many events in which you can get involved during these final days before the election: (1) You can always donate to the organizations tirelessly supporting President Obama such as the Move On organizaton at
http://pol.moveon.org; (2) You can volunteer at phone banks and talk politics to educate voters about how impotant it is to vote in November such as in Maryland, Congressman Elijah Cummings' phone bank held on Saturday, August 11, 2012 (https://my.barackobama.com/page/event/detail/ttakesoneweekendofaction/gpyh8t? source=ev12_20120809_md_pb&utm_medium=email&utm_source=obama&utm_campaign=ev12_20120809_md_pb); and YOU can always help the Obama/Biden Campaign defray campaign costs wth donations at
https://contribute.barackobama.com/donatio... Passing the peace, love, and wisdom,
Posted By: agnes levine
Friday, August 10th 2012 at 7:57AM
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