I just found out the United States levies no tax on U.S. firms overseas earnings s long as those profits remain overseas. Let me get this straight, our government encourages U.S. companies to hire cheap labor overseas by not taxing them for doing it and we wonder why so many Americans are out of work.
On top of that the IRS allows companies that move factories abroad to deduct from their taxable income the cost of closing down U.S. factories.
Last fall Democrats in the Senate attemped to close those loopholes and create incentives to repatriate profits and jobs, but pro-business Republicans blocked their proposal. By the way the off shore strategy is working fine for employers and stock holders. In the 3rd quarter of 2010 U.S. corporate profits hit an all time high of $1,659 trillion, despite an unemployment rate of 9 percent. The greed of a few is working to destroy the morale of many.
Foreclosing on Soldiers
Morgan Stanley, the 6th largest U.S. bank by assets and other lenders are being investigated by the justice department for over charging soldiers and foreclosing on their homes without court orders.
Let me get this straight. We send our men and women off to war and then foreclose on their mortgages. You can't make this stuff up.
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