As the GOP push through their tax bill, without any transparency, one of the big ticket items is corporate tax breaks.
My opinion is the government are really wasting their time, and our money giving tax breaks, especially to companies to repatriate their overseas earnings, in some kind of swap for jobs. No such thing will happen, sure there will be a few winners here and there, but nothing substantial and certainly nothing overtime.
If the government wanted to do this, they’d have been better creating an incentive program, which gave them tax deductions for each net new job they created, the longer their total employment numbers were up, net new, the lower the tax rate on repatriation would go.
I posted the following on twitter… but in a debate about it today, realized I’d left the link off for the NPR article. Here it is.
Full transparency, I really benefitted from share options during the last tax holiday for corps. Bringing money back.Over 10-year period ibm lost 100,000 US jobs. Anyone thinks it will be different this time, isnt thinking at all. #GOPTaxScam #GOPTaxPlan https://t.co/IH4qxvIH1M
— Mark Cathcart (@cathcam) December 2, 2017
And it wasn’t just ibm… And it won’t be this time. Most of the companies effected already have billions of dollars in the USA and could create jobs now. Share options are not evil, they do act as a great motivator, I know. However, 90% of the value goes to the top 1%
— Mark Cathcart (@cathcam) December 2, 2017
NPR reached out to seven tech giants – Apple, Alphabet, Microsoft, Facebook, Intel, Oracle, Cisco – to ask, would they use repatriated money to create jobs in the U.S.? Not a single one would make a commitment on the record
— Mark Cathcart (@cathcam) December 2, 2017
And I know I played a big part in that, encouraging, promoting, cajoling and educating senior management and execs that there was a tidal wave of tech coming from India and China, and if they were not on it, they’d be drowned by it…
— Mark Cathcart (@cathcam) December 2, 2017
But that still doesn’t make it right to cut tax that is needed to supports schools medical and welfare, infrastructure and more, when there is already enough money slushing around. #GOPTaxScam #GOPTaxPlan
— Mark Cathcart (@cathcam) December 2, 2017