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...the greedy have bypassed just wage and safety laws that took decades of struggle by working westerners to achieve...
$9B Off-shore financing loophole for banks – Sec. 322 is an “Extension of the Active Financing Exception to Subpart F.” Very few tax loopholes have a trade association, but this one does. This strangely worded provision basically allows American corporations such as banks and manufactures to engage in certain lending practices and not pay taxes on income earned from it. According to this Washington Post piece, supporters of the bill include GE, Caterpillar, and JP Morgan. Steve Elmendorf, super-lobbyist, has been paid $80,000 in 2012 alone to lobby on the “Active Financing Working Group.”
Tax credits for foreign subsidiaries – Sec. 323 is an extension of the “Look-through treatment of payments between related CFCs under foreign personal holding company income rules.” This gibberish sounding provision cost $1.5 billion from 2010 and 2011, and the US Chamber loves it. It’s a provision that allows US multinationals to not pay taxes on income earned by companies they own abroad.
Originally posted by OrionsWitness
Even the most naive of us , would know the products we buy that say Made IN China are in reality mainly USA ,British, German, French,Australian companies who have sacked thousands of their own kind to make profit in China...via exploitation of cheap labour.
www.jiesworld.com... , people who have no rights to strike or complain.
This link however gives some compilation.
In one swoop , the greedy have bypassed just wage and safety laws that took decades of struggle by working westerners to achieve, and just simply employ mass by the millions slaves.
The biggest disgrace in history.edit on 2-1-2013 by OrionsWitness because: line spacing