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The same Caterpillar that offshored 22,000 jobs since 2004 now wants to "reshore" and bring their operations back to the U.S.
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Whatever the employment impact, the deferral provision is costing the U.S. government money. A new study published in Tax Notes this month concludes that multinationals shifted almost $50 billion in income to low-tax countries in 2004, depriving the government of $17.4 billion in tax revenue. To recoup some of the lost cash, Congress in 2004 allowed corporations a one-time opportunity to repatriate profits at a special 5.25% tax rate. In 2006, corporations paid $354 billion in federal taxes.
So far, the Democrats have been alone in targeting for change the foreign income deferral. Presumptive Republican nominee Sen. John McCain of Arizona has called for a cut in the corporate tax rate to 25% but has not mentioned deferral.
The Bush administration warned last year that U.S. corporate giants are at a competitive disadvantage in world markets because foreign rivals pay lower taxes in their home countries. The Treasury Department last summer convened a conference on business taxation but has not developed any formal proposal. In an interview with USA TODAY earlier this month, Treasury Secretary Henry Paulson said U.S. multinationals would "shrivel up" if they were discouraged from investing abroad. Does tax code send U.S. jobs offshore? - USATODAY.com
"The world has changed today. A global company can be headquartered wherever they choose. … Our global companies are taxed at a higher rate than other global companies around the world, and the trend is disturbing," he said.
About PSFK .Onshoring: Caterpillar Planning To Bring Jobs Back To The USView Comments comments Share
March 18, 2010
Caterpillar Inc. is considering moving some of its production jobs from a plant in Japan to a new facility in the United States. The company is aiming to increase domestic output of construction excavators, and expand their employment base in the states.
Apart from Caterpillar, other manufacturing companies such as GE and U.S. Block Windows, Inc. are also joining this onshoring trend in which some operations would come back to the country, resulting in the creation of new jobs. A weak dollar, complex logistics and quality issues are pushing companies to bring back the work they offshored. Analysts say that Caterpillar’s decision will likely attract many site proposals from various states.
TradeReform.org - Caterpillar gets a head start on Korea offshoring (http://www.tradereform.org/content/view/2190/52/ - broken link)
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Obama said he wants the Korea Offshoring Agreement (aka Korea U.S. FTA) to pass. Caterpillar's CEO Jim Owens has long been a major promoter of these bilateral deals which offshore jobs and investment.
In the wake of Obama's announcement, Caterpillar has announced its intention to buy Jinsung T.E.C., a heavy equipment manufactuerer, in South Korea. Though they have laid off 22,000 workers in the U.S. this year.
If we had truly free and fair trade, those jobs could likely be here. There would not be a Great Recession. The investment could also likely occur here. But it is not.
And we are worse off because of it.
Obama needs to protect the national interest. Not the multinational interest.
We need national economic goals. A strategy. We do not have one. Everyone else
So the company that actively campaigned for the stimulus bill, has made hundreds of millions, if not more, through government contracts, won a no-bid contract for Iraq is now complaining that their health care costs will rise?
They want all "our" money in the form of all these government contracts, but they don't want to pay their share of the health care problem?
Boohoo.
I'd like to see how they got that number, btw.
I wonder to...
"The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program".
So 20%....isn't that about the amount most company plans are getting stiffed yearly from insurance increases now?
"The Peoria-based company said these provisions would increase its insurance costs by at least 20 percent, or more than $100 million, just in the first year of the health-care overhaul program".
So 20%....isn't that about the amount most company plans are getting stiffed yearly from insurance increases now?
No you are making assumptions there.
My insurance went up 5% in 2010. My company passed all increases to me so they went up 0%.
The dollar is toast after 8 years of Republican rule. Maybe you didnt get the memo
Obviously you didnt get the memo that we didnt have 8 years of Republican rule. We had 6.. Democrats took over in 2007 and ****s been going down hill ever since.
Obviously you didnt get the memo that we didnt have 8 years of Republican rule. We had 6.. Democrats took over in 2007 and ****s been going down hill ever since.
The Republican party had control of Congress for 12 years.
Demoralized Republicans adjourned the 109th Congress at 5 a.m. yesterday with a near-empty Capitol, closing the door on a dozen years of nearly unbroken GOP control by spending more time in the final days lamenting their failures -- to rein in government, tame the deficit and temper their own lust for power -- than reliving their successes.
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Still reeling from their electoral defeat Nov. 7, Republicans capped an era of conservative ascendance with the passage of business tax break extensions, a package of trade measures, and legislation to stave off physician-payment cuts they once trumpeted in their budget-cutting drive.
While GOP leaders touted their handiwork, it was a far cry from 12 years ago when the Republicans swept to power with the zeal of self-described revolutionaries and a mission to shrink the size of government, limit its reach, strengthen the nation's security and end an era of a privileged, imperial Congress.
How do you know what the penalty/premium comparison is if it's 2.5% of income up to 8% (premium cost)?
If what you've posted is true, it appears that the penalty doesn't apply to those who would have to pay more than 8% of their annual income for insurance. No penalty for them, but no insurance, either.
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In short, they can ignore the fine.
Yep. But they also won't have any insurance. How does that solve the lack of health care problem?
Dow Jones Newswires | Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House would increase the company's health-care costs by more than $100 million in the first year alone.
The hell with Caterpillar, what do we need them for? Let them move their manufacturing facilities overseas. Who needs the EPA when you can destroy our manufacturing base with the health care bill?
While we're at it, lets price those bastards at Big Oil out of business. The American public won't mind $10 a gallon for gas, and who cares if GM can't sell cars.
We'll turn America into one great big happy green country. Where are those green jobs by the way? Think those start-ups will be able to afford health care?
So the company that actively campaigned for the stimulus bill, has made hundreds of millions, if not more, through government contracts, won a no-bid contract for Iraq is now complaining that their health care costs will rise?
They want all "our" money in the form of all these government contracts, but they don't want to pay their share of the health care problem?
Boohoo.
I'd like to see how they got that number, btw.
What is your criteria for "their share"? Perhaps they got that number from the same guy that is cooking the ones up for the health care bill.
Dow Jones Newswires | Caterpillar Inc. said the health-care overhaul legislation being considered by the U.S. House would increase the company's health-care costs by more than $100 million in the first year alone.
The hell with Caterpillar, what do we need them for? Let them move their manufacturing facilities overseas.
Ah...
Don't look now, but they already have. Caterpillar buys as many parts and assemblies as they can outside the USA and manufacture the component assemblies in China and Mexico.
BTW - I was told that by a purchasing agent from caterpillar. My company was trying to get to bid on some of their parts.
And now Caterpiller is "reshoring" jobs to the U.S. See post #31 for the link.
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