Democrats hope to lure companies by raising taxes
by Les Moore
WASHINGTON, D.C., March 27, 2011 — Hoping to reverse an exodus of jobs, money and corporations overseas, Democrat lawmakers today announced plans to raise corporate taxes and close tax loopholes.
"We've lost thousands of companies, billions of tax dollars and millions of jobs to countries with lower tax rates," Rep. Ecks Porter (D-NY) said. "To make up for lost tax revenues, we must raise corporate tax rates."
Assistant Treasury Secretary Mike Ryan Hart said the federal government must close loopholes that allow companies to move headquarters overseas.
"When we saw that almost every big company was moving to countries with low tax rates, such as Ireland, the Caiman Islands or Switzerland, to escape our 35 percent corporate tax rate," he said, "we proposed that companies could not claim they were foreign unless their chief officers actually lived in another country. We were shocked when just the talk of that proposal caused some of the biggest companies to send their bigwigs to live overseas.
"If people are willing to move out of America to keep their money, we should show them the door, lock them out and not let them back in. We want only real American companies and real Americans — people who are willing to pay their fair share of taxes and keep their money in this country."
Lee Tharjic, the Obama Administration's economic recovery czar, said he supports a lockout of Americans who left the country but wants to assure other undocumented immigrants that they are welcome to come to the U.S. for free education, medical care, food stamps and rent subsidies.
Deputy Treasury Secretary Penny Wise said former American companies should be banned from exporting goods to the U.S. Countries that began overseas must be allowed to continue selling goods and services to the U.S., she said.
"We don't make enough products to provide America's needs anymore," she said. "We need Hyundais from Korea, grapes from Chile and Nikes from Malaysia. If we didn't have foreign goods, Walmart would be nothing but empty shelves."
Forcing international companies to export non-union jobs is in America's best interest, said Skip Stones of the Labor Union Nationalized Independent Socialists (LUNIS).
"If companies don't want to pay for union labor," Stones said, "we don't need them in America. What we need are laborers who make enough money to pay enough taxers to fund federal deficit spending as well as union dues, which are essential to the survival of labor unions.
"Without labor unions America would be a one-party country like the old Soviet Union," he said. "Mandatory union dues are absolutely necessary to fund the campaigns of pro-union candidates who can defeat pro-business Republicans."
Chief Executive Officer Allen A. Day of the multi-national firm New Q Lure Fuel, said his company, along with 700 other corporations, have offered to return jobs, money and offices to America if the U.S. were to lower corporate taxes.
"President Obama's people flat turned us down," he said. "They don't want us to pay more to people who then pay more taxes. They want us to pay more taxes before we pay less to people."
Quote of the Day
"The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin." ̵ Mark Twain