Wednesday, July 7, 2010

Why Republicans are Blocking (Voting NO) on the Unemployment Extensions Act

Through my research, I've found out the true reason Republicans are blocking the unemployment extensions act. It is also the same reason my "USA Jobs for Americans Plan & Honors Program" will never be passed. Why? Because many politicians, especially Republicans, are in bed with Big Business and their lobbies. Before I provide you the reason, let me share with you two responses my husband and I received about our Jobs Plan. While everyone who has read the plan thinks it is a great idea, when my husband talked about it with his bowling buddies, they too agreed it was a good idea, however they said it will never happen because Big Business will never agree to it. End of story. The second response was from a very strong PRO proponent. His response said it was a wonderful idea but I was Mother Teresa and I just did not understand the treachery and greed of Big Business. End of story.
I try not to be a Pollyanna. I still have a glint of hope for America. I try to believe that some US based businesses are on the people's side. I try to believe that at least some of them want to keep jobs, the jobs Americans want, IN America. I try to believe that at least some will bring jobs back from outsourced - offshore countries.

Then, through my research, I came across one economist's view of the bill before Congress. The economist's name is Robert Oak and he wrote an article about
H.R. 4213, the bill we refer to as the Unemployment Extension Act. It was originally called "American Workers, State and Business Relief Act of 2010." Today, it is called, "American Jobs and Closing Tax Loopholes Act of 2010."
If Oak is right, then Big Business, their lobbies and corrupt politicians, particularly Republicans, will NEVER vote for this bill and will do all in their power to prevent its passage. Their goal is to continue to offshore and to continue to reap massive profits in offshore banks via these loopholes. The saddest part is, my husband's friends, my PRO commenter and most Americans know this, yet refuse to address the subject or ever let this subject see the light of day. They will NOT hold these businesses or their lobbyists accountable. Instead, we allow these same zealots to control the conversation and instead blame all of our lost jobs and economic woes on those who come here to pick fruit and vegetables. What kind of sheep are we if we allow this lack of accountability to continue?
Economist Oak said:
A little observed provision (in HR4213) is to remove the tax incentives to offshore outsource your job..The legislation ties corporate revenues directly to the foreign tax credit. If passed, no longer can a corporation claim credits for foreign taxes yet park the actual profits made offshore in a low tax country. Previously corporations claimed the foreign tax credits, yet only to reduce their U.S. tax liability. The actual foreign revenues were not repatriated into the United States. If one obtains tax credits yet doesn't have to actually pay tax on profits accrued offshore, this encourages the movement of capital, assets and production overseas, including jobs.
Multinational corporations will do everything in their power to strip out these changes and so will the powerful NASSCOM, or Indian offshore outsourcing business group and their U.S. lobbying counterpart, USINPAC.
Expect war from our Benedict Arnold Tech Companies such as IBM, Microsoft and HP. IBM literally has an algorithm to manipulate global tax structures and has been firing every American who isn't nailed to their desk. HP just announced 9000 more layoffs. Their mammoth lobbying efforts are amazing because the bill extends the R&D tax credit, which greatly benefits these very same companies.

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