Days ago when I read about the upcoming vote on the Bring The Jobs Back bill, I drew this cartoon.
I just knew that if it came to a choice between doing something that would benefit citizens over corporations, the corporations would win out.
On Wednesday when the act come up for a consideration, Senate Republicans filibustered the bill that was intended to cut corporate tax breaks for moving jobs overseas.
Harry Reid explained, “Today in the United States, any time an American company closes a factory or plant in America and moves operations to another country, the American taxpayers pick up part of that moving bill. Frankly, a vote against this bill is a vote against American jobs.”
The Republican excuse was that this was just a pre-midterm election stunt, and their proof was that Democrats had tried to pass a similar bill two years ago just before congressional elections.
In order to justify the filibuster, the Republicans had to remind us that this is the second time they have made it possible and easy for companies to move overseas leaving our citizens jobless.
So they showed us.
They were not going to play along with what they call a stunt, and, so, U.S. companies who move out of the country will continue to get the tax breaks that help pay for the move and laying off U.S. citizens, and will be allowed to continue deducting expenses related to moving their operations to a foreign country.
Conversely, this bill would have given tax credits to companies who moved back, or foreign companies who moved here for the first time.
The vote was 54-42 to end debate on the bill which made it 6 votes shy of ending the filibuster
Somehow Senate Republican Leader Mitch McConnell of Kentucky attempted to justify the vote by saying that the bill is “designed for campaign rhetoric and failure, not to create jobs here in the U.S.”
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Had the bill passed, U.S. companies that move overseas would lose $143 million in additional taxes over the next decade, while , Companies moving into the U.S. would have seen their tax bills drop by $357 million over the same period.
$214 million, the difference between the two, would have been applied to the budget deficit.
The White House and some Democrats in Congress have been making the case that a growing number of U.S. corporations are using international tax loopholes to avoid paying U.S. taxes.
Companies like Walgreens are involved in “Inversion” which means that they reincorporate overseas and lower their U.S. tax bills even if they keep their headquarters in this country.
Obama put it this way, “You know, they are renouncing their citizenship even though they’re keeping most of their business here. They shouldn’t turn their back on the country that made their success possible”.
Presently, although companies complain that at 35% they are taxed more than in any other industrialized countries, and people here accept that bit of whining and get all sympathetic, they conveniently gloss over the many credits, deductions and exemptions they get.
Walgreens gets 25% of its profits from the American government coffers, but will not contribute to it.
John Boehner said that it is as important to repeal bills as it is to pass them, and repealing equals passing.
He also said that all bills are job bills.
Would that mean that preventing a bill that would have created jobs was actually passing a jobs bill?