Go On Taxpayers, Pave The Way to Serfdom!
A new House Republican plan includes initiatives such as, “Reform the tax code to allow American businesses to bring back their overseas profits without having to pay a tax penalty so they can invest in our economy and create American jobs.”
And, “Pass the three pending free trade agreements with Colombia, Panama, and South Korea to create up to 250,000 jobs.”
Does anyone see the GOP deception in those two contrasting plans?
In an earlier article, I had written, “Influenced by the right-wing think tank Heritage Foundation, Ronald Reagan cut top marginal tax rates from 74 percent to 38 percent. What followed immediately was surge in the markets, and then came the worst crash since the Great Depression.”
Reagan’s trickle down economy neither trickled down far enough to lift the lot of the poor Americans nor did it do any good to bring down national deficit, rather, it ballooned it.
Last year GE reported worldwide profits of $14.2 billion, out of which $5.1 billion came from the company's United States operations.
How much did GE pay in taxes? Nada. Zilch. On the contrary, they claimed a tax benefit of $3.2 billion.
How much of their $14.2 billion has been invested back in the USA? And how many jobs have been created?
I am listening. I am all ears.
The pseudo Democrat Bill Clinton, who had no moral conscience, was the one to create the opportunity for the transnational companies to export jobs. He was the one who signed NAFTA on January 1, 1994. Since then other free trade treaties have come into place. And each new treaty had enabled corporations to shut down more manufacturing plants in the USA, and export those jobs to outside the country so that they can pay 13 cents to a Chinese slave labor, instead of $8 to an American wage-earner.Continued on the next page