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Corporations pay a lower corporate tax rate in the other countries, then can deduct it from their taxes with the Foreign tax Credit. If they re-invest the profits in the other country they don't pay tax on them - which explains why nations like India and China are experiencing such phenominal growth and modernization.
Since employment is a zero sum game, those pofits are no longer circulating in this country, thus bankrupcies and foreclosure will continue to mount. While the Dem proposal isn't much, it's a start.
We need to force corporations to keep the jobs here, or at least offer incentives that will allow a fair fight. How about this - allow CEOs unlimited compensation if they keep jobs here, and limit their pay to 40 times the average workers pay if they outsource - that would put the brakes on fast!!!
India and China are experiencing phenominal growth because after spending most of the post war period destroying their economies with Socialism or Communism, they began embracing capitalism and thus unshackled their people from certain economic deprevation.
India and China are experiencing phenominal growth because after spending most of the post war period destroying their economies with Socialism or Communism, they began embracing capitalism and thus unshackled their people from certain economic deprevation.
Newsflash - China is still a Communist government.
tax law is very complicated, and i don't understand what this bill actually does.
judging by the level of discussion on this thread, it is clear that none of y'all do, either.
what is obvious, is that Democrats are saying that this will boost the US labor market, while Republicans are saying that this will undermine the US labor market. I guess what is typical, is to not analyze the law itself, but to just agree with whatever narrative your party leaders say is the truth.
tax law is very complicated, and i don't understand what this bill actually does.
judging by the level of discussion on this thread, it is clear that none of y'all do, either.
what is obvious, is that Democrats are saying that this will boost the US labor market, while Republicans are saying that this will undermine the US labor market. I guess what is typical, is to not analyze the law itself, but to just agree with whatever narrative your party leaders say is the truth.
Well I put it in perspective for my area of occupation..programming.
US Computer Science PhD can command $100K or more per year salary
India Computer Science PhD can command $35-40K per year salary.
There is no way anything in that bill would entice a US corporation to hire a US PhD over an Indian PhD regardless of what handouts DC would give them because the salary alone negates anything DC could give them.
Don't know about other industries but I do know mine and what average salaries are in the other countries.
Cuba needs dinero since the mothership Russia has been grounded, however they will not let American capitalism take root like before. They may allow the development of more resorts, but they will control the money flow. They may not like to work hard but they are well educated. They have free healthcare and education, everyone has a basic roof over their head, and food isn't that scarce. They are used to a simple life, but the effects of mass unemployment may result in hieghtened crime and discontent.
Except for the teensie-weensie fact that the overwhelming majority of his policies will guarantee that offshoring will never go away, and will undoubtedly be accelerated, as the CEOs of companies such as Caterpillar & Microsoft have already stated.
As long as he and his liberal elites continue to believe that a centrally-planned government will work the best (as if the results in Germany, Communist China & the USSR convincingly proved otherwise), offshoring will continue unabated, and ditto for our sputtering economy, as long as he and his buddies continue to suffocate and/or flat-out reject the best methods for revitalizing it.
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