The Republicans Giving Tax Breaks To The Rich Again!!!

[Guard Dad]

Oh wait....this wasn't the Republicans.

As I stated at the other place. my reasons for posting this is to try and dispel the notion that it's only the Republicans who support corporate welfare for big business.

Some of you might have heard that HVAC giant Carrier Corporation recently announced that they will be moving their manufacturing facility to Mexico. Many of us on the dealer side of this are quite miffed at them, and there is a growing backlash.

But here's the kicker...in 2013, the Department of Energy gave Carrier 5.1 million in energy tax credits for the facility they are now closing to produce ec0-friendly gas furnaces.

In case you didn't catch the timeline; this is Obama's DOE, not Republicans.

This is not a party issue, it is one of a government where both parties are corrupt. The master they serve is not The People.

http://usherald.com/carrier-received-5-1-million-in-obama-stimulus-cash-before-move-to-mexico/#

 

[lotstodo]

This type of stimulus never works. Just putting this out there:

40% of carrier's revenue is generated abroad and Carrier products are sold in over 170 countries.
Almost none of the raw materials necessary to manufacture their products are produced in the US (copper, steel, etc...).
In order to put foreign profits to work here in the United States, the corporation must pay additional taxes when they repatriate the money, there is no such US taxation when they use foreign profits to build foreign manufacturing plants.

Rumors have been circulating that we have just seen the first wave of inversions. Corporations are moving assets overseas at an alarming rate in anticipation that US corporations may face US taxation on foreign profits regardless of where that money winds up. The US is already the ONLY country that charges any sort of tax on foreign profits. Once this happens there will be no way to stop a US corporation from closing up shop here and moving entire operations overseas.

Bernie Sanders has proposed not only such a tax in addition to raising the corporate tax rate, he has proposed making inversions "illegal". This is of course absurd, as any corporation can position itself to declare bankruptcy in the US and simply reappear in Ireland, Singapore, South Korea, or Hong Kong. This is one of the conundrums facing socialism. It cannot be implemented without the use of force. A Sanders administration would have to require corporations to keep their doors open and manufacture products at a loss. That is working really well in Venezuela right now where it has gotten so bad that CEO's are being jailed.