Tech cos set to upset Obama tax plan

[OhioChick]

Source: Reuters

9 Jun, 2009, 1303 hrs IST,REUTERS

WASHINGTON: A group of technology heavyweights, including chiefs of IBM and Motorola Inc enlisted a former Clinton administration economist to beat back President Barack Obama's plan to boost some taxes on overseas profits.

The Technology CEO Council recruited Robert J Shapiro, a former top Commerce Department official, who wrote a report released on Monday arguing that significant jobs losses could occur under Obama's plan.

Last month, Obama introduced a proposal to raise $210 billion over a decade in part by tightening tax rules on income earned abroad. The administration says current policy spurs job creation overseas, while US-based multinational companies say precisely the opposite is true.

Shapiro acknowledged his job loss estimates don't correspond to Obama's proposal, because the report examines elimination of tax deferral of foreign income, while Obama's plan is a modified version of that.

"The direction of the effect is very clear: it would significantly reduce the effective post tax earnings from foreign operations and in so doing would have these so-called adverse effects," which include job losses in the United States, Shapiro said.




Read more: http://infotech.indiatimes.com/News/Tech-cos-set-to-upset-Obama-tax-plan/articleshow/4635011.cms

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Traitorous greedy fucks. Can't wait to see "who owns who" with this issue.

[JerseygirlCT]

1. He already admits he's cooking the numbers to look better

So we're now supposed to believe anything he says?

Use the same numbers as the gov't, and then put them out there for comparison. I'm tired of being treated like an ignoramus by people like this.

[Thrill]

2. Look for Democrats to leave Obama out there hanging by the balls again

. Thats why he doesn't take more strong progressive stances. Watch how fast Democrats refuse to back him up on this

[90-percent]

3. Good point, thrill

We the people have Representatives that don't give a rats ass about "we the people".

And we are all collectively stupid enough to reelect them and expect different results this time.

America needs some form of revolution for the people and by the people to take our country back.

If I wanted to be a middle ages serf I would get a time machine and go back to the dark ages!

-90% Jimmy

[corpseratemedia]

4. How many jobs did IBM offshore in the last few years?

Not even including cos. like microsoft etc.

the point of arguing significant job losses is moot, and if dlc dems work against this, real dems need to target these individuals when they run for reelection

http://www.huffingtonpost.com/dawn-teo/ibm-trifecta-files-for-of_b_181572.html

IBM Trifecta: Files For Offshoring Patent, Offshores Jobs, Applies for Stimulus Funds (30 billion) - April 3, 2009

snip<...After the current round of offshoring, the Wall Street Journal estimates that 71% of IBM's workforce will reside outside of America. IBM employees in Rochester who were laid off last year were already voicing anger at seeing "job descriptions for their old positions popping up in China....>snip

[Deja Q]

12. shit. IBM does not desrve a cent, if 71% of the jobs are now overseas.

:(

[beac]

5. It makes my blood BOIL when I see members of the last Democratic administration trying to screw

this one. I know I shouldn't be surprised that politicos are craven selfish money-grubbing a-holes just like everyone else, but it's still so disappointing.

[90-percent]

6. politicians are not like everybody else

most of us average people have a basic sense of fairness, justice and decency.

-90% Jimmy

[groundloop]

7. Job Loss... Job Loss... Job Loss... Job Loss... Job Loss...

It's a stuck record. Every time large corporations don't care for a new tax proposal / environmental regulation / safety regulation / minimum wage increase / fill-in-the-blank they stand on the highest hill and scream at the top of their lungs "Job Losses !!!!!"

[Indydem]

9. Well, we got alot of those things and we lost a lot of jobs...

Not sure if it bears any relation though.

[joeglow3]

13. As a corporate tax CPA...

...there will be detrimental effects, including job losses, if this proposal is passed. The US alread has the second highest corporate tax rate in the world (behind Japan). This deferral is available in just about every other country in the world, so our expenses would go up even more.

Now, maybe the conclusion is that it is worth it, but the facts are what they are.

[ihavenobias]

8. "...US-based multinational companies say precisely the opposite is true..."

Sure, and McDonald's says fries are good for your heart and Marlboro says smoking is the key to longevity.

[bamacrat]

10. If they want to ship jobs overseas to save on taxes...

they should be required to use the money saved to create a job in America. One for one. If its cheaper and they are saving money not only on salaries but on taxes they can create two jobs and still save, or atleast break even. WHy isnt helping us the priority for those in power, not protecting corporate interests. We have no choice but to pay taxes and abide by the laws set up by the constitution shouldnt everyone?

[Zynx]

11. Outsized corporate profits didn't result in very much job growth in the 2003-2007 period.

That was exceptionally weak job growth coming off a recession. I doubt if we took half of those after-tax profits we would have lost even 100,000 jobs.

[GeorgeGist]

14. Lightweights with so-called jobs ...

own the issue.