Sat
Mar 5 2011
07:50 pm

If you are not a multi-national corporation this is not for you, so DO NOT read further.



continued...

If you happen to be a politician that is ALSO heavily invested in companies that know about the Double Irish and Dutch Sandwich this is your ticket to get paid, baby. Just keep it close to the vest.

Also unknown is whether they’ll wait for a debate over broad tax reform to play out before making a move.

If you're still reading after being told not to, and think there's going to be a broad, national debate over tax reform, wish in one hand...

Members of the yet-unnamed coalition have been meeting regularly over the past month and are a few weeks away from a public announcement, sources say. But after that the campaign may go below the radar, at least in the early stages. No raucous rallies at the Capitol. No TV ads during primetime.

That’s partly because large corporations seeking favorable tax treatment aren’t the stuff of a populist movement. Members also may be wary of inspiring an opposition campaign when the issue of tax repatriation is probably too wonky to draw foes on its own.

Instead , the companies hope for a snowball effect as they take their case to individual members of Congress, paying special attention to moderate Senate Democrats and House Republicans.

Their argument is straightforward..

They fell for it in 2004

A repeat of the 2004 tax holiday will lead firms to expect more tax holidays, with the unfortunate result that they will be more inclined to invest in tax havens and less inclined to reinvest earnings in the United States.

and they'll fall for it in 2011.

We were able to bring home $315 billion in stashed profits in 2004. Since then, we've been able to hide a trillion dollars across the globe which, if brought home today, would lose $350 billion to taxes. Here's a plan to convince voting taxpayers that collecting only one-seventh of what we owe them is going to create jobs so people can have strong communities that can afford schools.

Taxpayers will surely take 50 now instead of chasing the full 350 for years, won't they? It would take comprehensive tax reform to keep us from indefinitely gaming the system. If they don't understand transfer pricing, how can they stop it? For good measure, we'll give one on one training to their Congresspeople so those representatives will know how to make their constituents think they're going to get jobs or schools or ponies or something. Make sure they know we'll double the price of everything if we don't keep our tax loopholes! As long as we can convince well intentioned conservatives and corporate liberals to scream from the hilltops about how our corporate taxes are higher than boat gas or hippies on a helicopter (track22) we can continue to quietly avoid them while pretending to fight to lower them.

Hooray regulatory capture! And no one reported on our meeting with the President but the new guy at Politico and the new guy at MSNBC.

Visit msnbc.com for breaking news, world news, and news about the economy

Though Boxer’s Silicon Valley ties make her a special case among Democrats, her position shows that broad, bipartisan support in Congress isn’t out of the question. When Boxer tried in 2009 to attach a repatriation holiday to the stimulus bill – an effort that failed badly, caught up in larger political forces surrounding the stimulus measure – Majority Leader Harry Reid (D-Nev.) and Sen. Ben Nelson (D-Neb.) voted in favor of it.

Democrats up for reelection next year are eager to revive the economy and may come to view repatriation as a low-risk, low-cost option, proponents say.

The unlikelihood of any serious opposition campaign, they say, also boosts their hopes of success.

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Stick's picture

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EricLykins's picture

And in all fairness to the

And in all fairness to the easily-vilified previous administration:

The Bush Administration opposed the repatriation provision enacted in 2004, arguing that it was weak stimulus and bad tax policy.

If they're smart they won't push this unless Republicans take the Senate in 2012, but "classic overreach" seems to be in fashion.

EricLykins's picture

03/05/11 07:14 PM ET Well,

03/05/11 07:14 PM ET Well, @%^^&

The first edition of The Hill's 2012 race ratings puts five Democratic-held seats in the toss-up column. Republicans need a net gain of at least three seats to win the Senate.

EricLykins's picture

The campaign now takes the

The campaign now takes the Charlie Sheen crackhead-desperate-for-increased-funding approach to fulfill ever-wilder debt-fueled fantasies (note: your debt, their fantasies).


Let's loan a bunch of money to Latin American governments so they can run drugs for Pfizer while we're at it. That'll increase exports.

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