About that surreal request for a corporate tax holiday….
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They say that truth is stranger than fiction. I have been watching HBO’s A Game of Thrones - an epic fantasy along the lines of the Lord of the Rings. But compared to this latest corporate gambit - the specter of humans hatching dragon’s eggs seems almost plausible, even logical. The terrifying thing about this big business ploy and those in Congress that support it -is that the request is not a fantasy nightmare.
The repatriation holiday is a simple enough concept - The US would drop the corporate profits tax from 35% to 5.25% for one year. Since the large corporates are sitting on piles of profits abroad - that would ostensibly STAY abroad should the holiday not be enacted - could be used to create jobs. But COULD is the operative word. No one ever said the word “would”.
David Kocieniewski of The New York Times reported this story along with a cautionary tale about what happened the last time we gave the corporates a repatriation holiday. The video below was presented with the article and offers an excellent explanation as to how corporations offshore to avoid the 35% corporate tax.
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