Fact Check: Tax Breaks for Shipping Jobs Overseas

thoughtone

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source: Daily Kos

During last night’s presidential debate, President Obama said he’s working to kill the tax breaks that are encouraging corporations to move good American jobs abroad. Mitt Romney retorted that the president was talking nonsense. Who is right? Let’s go to the tape:
OBAMA: ... I also want to close those loopholes that are giving incentives for companies that are shipping jobs overseas. I want to provide tax breaks for companies that are investing here in the United States

ROMNEY: … you said you get a deduction for taking a plant overseas. Look, I've been in business for 25 years. I have no idea what you're talking about. I maybe need to get a new accountant. But -- but the idea that you get a break for shipping jobs overseas is simply not the case.
Obama wins this round.

Romney’s recently released tax returns made it clear that he and his accountant are quite familiar with navigating the tax code. Romney should know that the law currently allows a company that closes its American plant and moves manufacturing operations overseas to deduct that moving expense.

The New York Times says, “It is true.” Reuters writes that there really are “deductions allowed for a company if it closes its plant in the United States and moves it to another country.” The conservative Boston Herald declared it a “huge gaffe.” Even Fox News’s fact check admits, “Technically, companies can claim a deduction for the costs associated with moving jobs overseas.”

In fact, Senate Republicans recently blocked a Democratic bill that would have provided a tax credit to companies that move jobs back to the United States and ended a tax break for companies moving operations overseas.
 
Odd how you give a shit about this but not the trillions already given to the financial industry, or the $40 billion a month committed recently.
 
Because it's politics. You prioritize politics. I prioritize things of substance. That's why I have values and you're a horrible person.
 
Because it's politics. You prioritize politics. I prioritize things of substance. That's why I have values and you're a horrible person.

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Don't just store it away. Fundamentally change who you are as a person. Stop valuing non-sense.

You have a choice.
 
Odd how you give a shit about this but not the trillions already given to the financial industry, or the $40 billion a month committed recently.

40 billion.............printed out of "thin air".............to purchase assets we can't afford :smh:

Interesting how Occupy Wall Street disappears before this announcement................and Thought1 hasn't had 1 coherent response to this absurd transfer of wealth!
 
40 billion.............printed out of "thin air".............to purchase assets we can't afford :smh:

Interesting how Occupy Wall Street disappears before this announcement................and Thought1 hasn't had 1 coherent response to this absurd transfer of wealth!


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Investigation finds no evidence Holder knew of 'Fast and Furious' gun-running sting

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The tax breaks are not the reason these companies move jobs overseas. It is the trade deals that Clinton, Bush, and Obama are pushing with these countries that centralize manufacturing in low wage countries. There is also the lack of laws and support that allow employees to be on the board of directors that could block these moves by the companies.

I think President Obama was trying to keep it simple or issuing a canned statement that he didn't understand the details behind; he looked weak and didn't challenge this lie by Romney.

Why are Republicans blocking a law like this? I think they are under influence from foreign companies


www.tradewatch.org
 
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