Saturday, June 04, 2005
American Jobs Creation Act (PROFIT TAKING)
Well it's begun. American companies are beginning to "cash-in" on the American Jobs Creation Act. The title, like Clear Skies, is very misleading. Would you expect anything else from a Republican controlled Congress whose verbage is controlled by Frank Lutz?
From all the reports so far, it is doubtful that (m)any jobs will be created, but companies will benefit big time. The act allows businesses to "re-patriate" their overseas profits of the $650 Billion earned over the last decade at a low low tax rate of 5.25%. You see, the act doesn't require that jobs be created with the money, it only GUARANTEES business can bring their profits "home". As of now, companies are very "vague" about how they intend to use the money. The act does say that the money can't end up in the hands of the executives, but this IS corporate America we're talking about.
Of course Jerry Weller supported this legislation and braggs extensively about an amendment he had added to reduce the tax rate on tackle boxes made here in Illinois. That's all good, but it came at a trade off to Illinios conservation. Why didn't Weller instead demand that the bill go further to insure jobs would be created like the title implies it is supposed to do all across the country? Illinois is 49 of 50 for new job creation and Weller thinks he's doing a good job? He must be "counting" on the jobs he hopes he creates in Central America via CAFTA.
From all the reports so far, it is doubtful that (m)any jobs will be created, but companies will benefit big time. The act allows businesses to "re-patriate" their overseas profits of the $650 Billion earned over the last decade at a low low tax rate of 5.25%. You see, the act doesn't require that jobs be created with the money, it only GUARANTEES business can bring their profits "home". As of now, companies are very "vague" about how they intend to use the money. The act does say that the money can't end up in the hands of the executives, but this IS corporate America we're talking about.
Of course Jerry Weller supported this legislation and braggs extensively about an amendment he had added to reduce the tax rate on tackle boxes made here in Illinois. That's all good, but it came at a trade off to Illinios conservation. Why didn't Weller instead demand that the bill go further to insure jobs would be created like the title implies it is supposed to do all across the country? Illinois is 49 of 50 for new job creation and Weller thinks he's doing a good job? He must be "counting" on the jobs he hopes he creates in Central America via CAFTA.
