Here It Comes: Democrats Considering "Tax Repatriation Holiday" Economic Massacre

Tyler Durden's picture

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alien-IQ's picture

redefining "stupid" one sound bite at a time.

bigdumbnugly's picture

schumer needs an exorcism.  pronto.

mkkby's picture

It's less than 0 jobs -- it's a loss.  Why?  Because it puts small/medium sized businesses at an even greater structural disadvantage.  Every one of them should close or relocate to Bermuda immediately.

And why would any company do business on shore and pay 35% taxes, when they can go off shore and pay 5%?

The money will go toward executive bonuses for the "great" work they did lobbying for this.

TruthInSunshine's picture

OT:

This is ex-Reagan Budget Director David Stockman on the Dylan Ratigan show today talking about failure of Bernanke, QE1 & 2, etc., and the Greatest Heist ever by Wall Street from Main Street, and is EPIC.

Tyler - can you please make this a separate article with video?

http://www.msnbc.msn.com/id/31510813/#43500720

 

b-rad-is-rad's picture

Thanks for the link. Good stuff.

Bay of Pigs's picture

TIS,

I was pretty harsh on Stockman on a different thread awhile back. I thought he was just trying to deflect his own involvement in the Reagan Admistration's disgraceful budget deficit issues. 

But after watching that, let's just say I am happy to see him teeing off on the Wall St. crime syndicate and he has my support on that going forward.

TruthInSunshine's picture

b-rad & BayofPigs -

Can either of you email that link and note to Tyler with the video link to Zero Hedge at tips@zerohedge.org?

My persona non grata email is down at present.

BayofPigs - I was similarly harsh on Stockman when he spoke of the debt ceiling issue, but he really summed up the failure that is Bernanke and the kleptocracy Bernanke, Paulson and Geithner have empowered, as well as or better than anyone else I've heard speak in such a short period of time.

 

Thanks guys.

Antarctico's picture

It's got what plants crave!

GetZeeGold's picture

 

Electrolytes seem to be the answer here.

 

grimey's picture

I think he meant he would buy himself a new car

TruthInSunshine's picture

Chucky Schumer IS Wall Street's representative.

He is their man, 100% of the time, Johnny on the SPOT.

It all makes sense.

 

 

chancee's picture

Yes, in case anyone is wondering, the market is being propped up by SPY right now to prevent a washout into the close.

Rodent Freikorps's picture

Strangely, despite being a Democrat, Schumer is the cum sucking errand boy of the big banks.

Look at his record. I dare you.

He is the reason, I will stand aside if you pogrom the Jews. If they are stupid enough to support this walking pile of human excrement, you can have them.

However, if you go after Israel, I'd still be happy to shoot you in the face.

TruthInSunshine's picture

How is it strange that any Democrat, whether Schumer or someone else, is an "errand boy" for the banks and Wall Street?

Americans need to wake their asses up, but it will take a far nastier depression to motivate them, if anything is ever able to.

Obama was given far more $$$ than McCain was in campaign contributions by the Wall Street Gang and Banking Lobby, and man, that was money extremely well spent from a ROI perspective.

Rodent Freikorps's picture

And Shillary, and Weiner.

I am God damned sick of being ruled by NYC.

equity_momo's picture

Wake the fuck up son , you arent being ruled by anyone from NY - these people are stooges. Theyre whores. You gotta step back from the trees to see the forest. Wall St?

 These cocksuckers dont care what City Wall St is in , the raping of dumb peons can be instructed from anywhere. Theres as much pain dished out from London for the average dumb Yanky Doodle as there is from NYC. Weiner? Please. No one gives or gave a fuck. Hillary? Shes just another wannabe Zionist doing as shes told.

Iriestx's picture

You're naive if you think this is a problem that can be resolved by voting for either of the two parties.

IdioTsincracY's picture

The premise of a repatriation holiday is that the money brought back will be invested domestically and create jobs. However, corporations used the money from a 2004 repatriation holiday to enrich their executives, not expand U.S. operations. In fact, the companies that benefited most from that 2004 tax break wound up cutting thousands of jobs over the subsequent few years.

But that hasn’t stopped Republicans from calling for a repeat performance. House Republicans have proposed a repatriation holiday that would have corporations pay a 5.25 percent tax rate on any money they repatriate (instead of the statutory 35 percent rate). And the idea evidently has the support of House Budget Committee Chairman Paul Ryan (R-WI), who appeared on CNBC today. He not only endorsed a repatriation holiday, but said we should permanently allow corporations to repatriate money at a lower tax rate:

It’s a good idea. We ought to have it every day. Instead of having repatriation every seven years, let’s have it every single day by going to a different system.

Of course, permanently allowing corporations to repatriate money at a lower rate would create all sorts of perverse incentives to first send money offshore for purely tax purposes and then bring it back later. But Ryan may also have been endorsing the move to what’s known as a territorial tax system. Speaker John Boehner (R-OH) has called for such a system, which, as Citizens for Tax Justice noted, would promote the permanent offshoring of U.S. jobs and funds.

Already, the prospect of repeated tax holidays has encouraged corporations to move assets offshore. According to research done at Northwestern University, following the 2004 tax holiday, corporations moved more money offshore in anticipation of another tax holiday, and “by the end of 2006 the total ‘permanently’ reinvested abroad had exceeded the 2004 peak.” The Joint Economic Committee estimated that a repatriation holiday would cost the U.S. nearly $80 billion over 10 years.

Iriestx's picture

You're a sucker, being played by the big boys that wholly own and control both parties.  Choice is an illusion.

R vs D is the biggest joke in the world, and the idiots that buy into that false dichotomy have to be dumb as shit.

 

Rodent Freikorps's picture

That is why I'm voting the Hawt Party from now on.

lizzy36's picture

Obama may win in 2012. NOT because of the job he has done.

Winning because the other team fields a crappy candidate can't be declared a victory.

Full disclosure, I hate the game. Which mean i am neither a democrat or a republican.

Although i will consider purchasing a palin/god 2012 bumper sticker

alien-IQ's picture

I would love to see Sara Palin run with Ron Jeremy as her VP. Not for any political reasons mind you, just for the sheer comedic joy of it.

Rodent Freikorps's picture

I have had a bad experience voting for the lesser evil. I've voted that way all my life, and things only suck more.

If the Rs put forth a female candidate, I'll vote for her.

Fuck you if you disagree. I could give a shit what you think.

alien-IQ's picture

your post is hilarious on so many levels.

Rodent Freikorps's picture

How's hope and change working out for you?

I'm voting for hot females from now on.

Couldn't be worse.

Antarctico's picture

You go to town on that. At this point in the game, it really doesn't matter one whit who gets elected.  Domestically, expansion of the police state will continue, internationally Neo-Con foreign policy at the point of a gun will continue, and every where you choose to look, riches will continued to be extracted from the poor and middle class and funnled up to the criminals at the top of our world pyramid of suck.  Fuck it -- if Sarah Palin or Michele Bachmann gets elected president, we can knock out that glass ceiling, plus the comedy will be awesome and unending.  If the world has to burn, I want to at least get a few laughs out of it.

Rodent Freikorps's picture

Historically, the guns have been used by the useful idiots of the Left.

That is why I have come to hate all who push social Liberalism all the way to the point of self-destruction.

The young will kill the old because they have been well programmed by the social liberals who run the educational system, Hollywood, and most media.

They will win and bring the holocaust of communism.

It makes you want to cry.

I'm not very fond of American Catholics at the moment either. Social Liberals destroy their society the way cancer kill the body.

Vic Vinegar's picture

holocaust of communism...I like the way you turn a phrase.

Other than that you are far too crabby today.  Turn that frown upside down :-)

Rodent Freikorps's picture

I'm doing rum today to honor WheresTheRum, bitch goddess.

Rum makes me morose.

Antarctico's picture

I am personally past the whole left vs. right thing as both sides have been so fully corrupted that all distinctions between them are meaningless -- both sides get their treasure and take their marching orders from the same globalist kleptocrats.  Regarding communism vs. fascism, these terms are ultimately indistinguishable from each other as, trappings and jingoisms aside, when fully expressed both ideologies devolve into their base "ism" which is totalitarianism.  As for crying, I'm all cried out, now I bounce between being sick to my stomach and livid anger.  Just for fun, whenever I visit our National Mall, I like to drop by the Jefferson Memorial, stare at his statue, read the words on the interior walls, and feel really, really awful about how things have worked out.  OK I confess, these little visits to mourn do get my eyes on the shiny side.

Vic Vinegar's picture

both sides get their treasure and take their marching orders from the same globalist kleptocrats. ...yes.

Look at the world as being like a Klondike bar: a thin layer of chocolate (representing fascism and a move to global gov't) that covers a larger vanilla portion (representing the larger portion of people who get to live this socialism).

Antarctico's picture

Dude, don't go trying to ruin Klondike bars for me! ;)

Shell Game's picture

Americans haven't paid attention to history for quite some time.  Idealists always forget the unintended consequences of idealism and repeat old mistakes.   Fuck 'em and the holocaust they'll ride in on.

I found a little inspiration today:

http://www.youtube.com/watch?v=7tiKM4fxY1U

I wouldn't mind getting lost in those Smoky Mts...

 

Shell Game's picture

'Hope I die before I get old..'

Great clip.

brew's picture

We get the government we deserve. Don’t get mad at the politicians! It’s our fault. We elected them. We should get rid of this phony two-party “democracy.” 

The two-party system made simple:

Two worthless dipshits are on the ballot.

If you vote for one of them, a worthless dipshit will win.

If you don’t vote, a worthless dipshit will win.

It’s a pretty unappealing sales pitch. How did it last 200 years?

NotApplicable's picture

Because one of the dipshits appears scarier than the other in regards to the [distracting polarizing social issue of the moment], making this THE MOST IMPORTANT ELECTION EVER!!!1!!11

NotApplicable's picture

So, things will suck less if you vote for the more evil candidate?

Actually, I agree, as it brings more of the lies out into the open. It was the one and only reason I preferred the Manchurian Obama to the Manchurian McCain, as it shut-up the "Anybody But Bush" crowd for a while, as they feasted upon "hope and change" flavored crow.

Not that it matter's though, thanks to cognitive dissonance. Now they believe they actually asked for the crow.

brew's picture

two party system has divided this country long enough.  direct democracy is much needed.  kick em all out...

Nathan Muir's picture

No, No, No!  We are a Republic for a reason - "direct democracies" ALWAYS morph into tyrannical states over time.  The sheeple are ALWAYS tricked into voting away their freedom/rights/liberty. 

I am for kicking them all out, but only if we follow that with a harsh punishment like public hangings.  Punishment for ignoring the constitution.  That precendent would set things straight for a couple centuries, then repeat.

equity_momo's picture

Youve made Schumer look smart today.

SRV - ES339's picture

Never work... I hear Ron likes to read!