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A PERNICIOUS PROVISION
Among the most pernicious provisions of Ryan’s tax breaks is a plan to halt the authority of the U.S. government to tax the foreign profits of U.S. corporations once they are brought back into the country, notes tax expert David Cay Johnston, author of Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense and Stick You With The Bill. Known in right-wing parlance as “extra-territoriality,” this proposal would be disastrous to both U.S. jobs and tax revenues.
“Ryan’s plan would insure that any profits created offshore by U.S. corporations would never be taxed by the U.S. government,” explains Johnston, who won the 2001 Pulitzer Prize for his work as The New York Times' tax reporter. “This would create a tremendous incentive to move more and more U.S. jobs overseas to escape taxes on the profits that foreign workers produce for them,” Johnston says.
In recent years, Ryan’s congressional district has been hollowed out by the loss of major employers like Delco in Oak Creek (3,800 jobs, mostly going to Mexico), Chrysler in Kenosha (850 jobs sent to Mexico with the help of auto industry “bailout” funds), and General Motors in Janesville (a plant closing wiped out 2,800 jobs directly and another 3,000 jobs in nearby supplier plants).
Now, pay attention class; the US has admitted there are 86 million "invisible" unemployed in the US (only they did not stay invisible as the government hoped because the alternative media kept pointing them out). The US government admits to there being 12.5 million "visible" unemployed, which together with the invisible means 94.5 million Americans are available to work but do not have a job. Total US population is 330 million. But 24% of those are young people not eligible to work. And 13 percent are retired. So the total population of available workers in the United States is 100% - (24% + 13%) = 63% of 330 million people, or 207 million workers. And with 94.5 million workers not working, the true jobless rate in the US right now is 45%, not the 8% the media keeps propagandizing you about.
Corporations have a higher share of cash on their balance sheets than at any time in nearly half a century, as businesses build up buffers rather than invest in new plants or hiring.