Time once again to stand up and be counted, life is too short to watch someone else commit economic and political terrorism in the US. If you see the light, please share this!
The Institute of Policy Standards produced a detailed report entitled "Corporate Pirates of the Caribbean" which exposes the hidden Conservative agenda when it comes to their push for Territorial Tax Reform. Territorial Tax Reform is a trifecta of greed that aims to:
1. Lower corporate tax rates which are already low (reducing flow of money into the US tax base;
2. Make offshore tax havens standard for select corporations (reducing flow of money into the US tax base);
3. Create austerity measures that will not promote jobs, health care, infrastructure, or the consumer confidence and flowing economy that comes with consumer confidence.
Here is a good synopsis (with source links) of the smoke and mirrors game being played by the Power Right, taken from The Huffington Post:
"A new study by three researchers at the University of Massachusetts found major arithmetic errors in the widely cited paper by Carmen Reinhart and Ken Rogoff, "Growth in a Time of Debt," that purports to show high levels of government debt sharply slow growth. This study has been widely cited by political figures demanding deficit reduction, in spite of the fact that the unemployment rate remains high and interest rates are at extraordinarily low levels.
When the errors in the Reinhart and Rogoff study are corrected, the strong relationship between high debt levels and slower growth disappears. In other words, there is little obvious reason that we need fear higher debt levels. We can have the government make investments in infrastructure and education that will boost growth, create jobs, and increase future productivity...... A country such as the United States borrows in its own currency so it literally can never go bankrupt as long as it knows how to print dollar bills. And, unlike an individual, the government has the obligation to support the economy when private sector demand collapses as it did after the housing bubble burst....... For those who own lots of stock and are at the top of the income ladder, times are good. These people may see efforts to lower unemployment as posing a risk. With lower unemployment workers may be able to get a larger share of productivity growth. This may be good for most of the country and mean increased economic growth, but it would mean less for the one percent."
Googling this subject might overload your browser, attesting to the implications this has, but here are a few succinct and notable sites to view:
This agenda is all a Right Wing concoction designed to further cushion the already overluxed 1%, and is pushed by that Good Ol' Boy GOP mentality, brandished proudly by Conservative stalwarts such as Alan Simpson, Erskine Bowles, and a cadre of huge corporations such as GE, Honeywell, etc, etc...