Repatriate: (tr.v) To restore or return to the Country of birth, citizenship or origin.
In 2004, Congress passed the “American Jobs Creation Act” that allowed U.S. based companies that’d stashed billions of American-made profits in off-shore tax havens to “repatriate” that money back to the U.S. shore at grossly reduced tax rates. The intent was for the Companies to use this returned cash to create domestic jobs.
It didn’t work.
Instead, the Institute For Policy Studies (ISP) proved the 2004 Act enabled:
* 843 companies to reduce their tax rate from 35% to just over 5%
* Repatriate $312 billion in profits
* Avoid an estimated $92 billion in federal taxes
* Fail to create long-term, stable jobs
* Become huge job destroyers
The 2004 Act such a stunning success to the Corporations morally-rotted bottom lines, they sucked even more U.S. cash from America’s tax base ($229 billion in 2005, $696 billion in 2010, per ISP) and parked it offshore until they could once more send their lobbyists charging Capitol Hill to do it all over again. Ladies and Gents, I give you the deceptively titled “Foreign Earnings Reinvestment Act” of 2011! (Dan Froomkin’s Huffpo article provides a great overview).
So, the very same companies that triggered a global financial melt-down through bad acts and illegal acts – as increasingly proved in Courtrooms across the Country – get handed trillions of free cash looted from U.S. workers who pay their taxes then sit on this cash while laying off these workers leading to the decimation of America’s tax base, crippling budget shortfalls, catastrophic unemployment and lower bank balances as people struggle to simply get by, these companies are now poised to steal even more billions from our tax base to further decimate the financial security of our Country to the same phony cry of “America job creation, ho!”
Yeah, it’s a real mystery why thousands of people are filling the streets world wide.
When a New York branch of CEO Brian Moynihan’s Bank of America was robbed on September 9, 2011, his employees set off the alarm and the NYPD quickly responded and began an investigation to find the suspect.
When a landmark New York building housing telecommunications equipment belonging to CEO Ivan Seidenberg’s Verizon caught fire on May 18th, 2010, the NYFD answered the call racing to the scene and containing the fire to the first floor, sparing the equipment from damage.
And when New York-based Citibank was hit with massive on-line hacking earlier this year, CEO Vikram Pandit & Co. were joined by the Department of Homeland Security and other Federal Law Enforcement to help secure their customer data.
So, in times of trouble these U.S.-based Corporations turn to the public sector to answer their call for help, yet they do everything in their considerable powers to avoid paying for the services provided. They short the Federal Tax Base that lowers State revenues that cripple the Cities, and expect us to turn our pockets over to Congress to pick every last penny to place in their overflowing purses.
Every time Vikram Pandit and Ivan Seidenberg and Brian Moynihan pick up the phone, We the People are left on the hook.
If their cash was Made In The USA, then they pay their taxes in the U.S.A., like every other good citizen of this fine Country.
Keep Our Cash In Our Country, to:
Keep Our Tax Base Firm. to:
Keep Our Public Services Secure, to:
Keep Our Country Safe.
No Cash From Congress For Companies Killing The American Dream
“No” On The Phony “Foreign Earnings Reinvestment Act”
No Cash For Criminals