Bush's D'oh! Factor

[Janet]

Bush's D'oh! Factor
By Stephen Pizzo, News for Real.
Posted October 7, 2005.

<snip>

I have a slogan for the Bush administration: "D'oh!"

This President begins every new project, be it foreign or domestic, with the boyish enthusiasm of Homer Simpson. Just let his pals down at Moe's plant the seed of a half-baked notion in his head and George takes it from there.

Enthusiasm is a good thing when exercised by the rational and competent. But when exercised by a dimwit, all that passion and energy can only end with a resounding, "d'oh!"

And so it has come to pass with another of George's economic brainstorms. It all began after a few beers. The fellas at Moe's were discussing how high US corporate tax rates were forcing corporations to hide more and more of their profits overseas. Lenny suggested that maybe we could get that money repatriated if we gave those companies a freebee, let them bring the money back into their own country for practically nothing.

George, sipping his sarsaparilla, bolted upright. "Yeah, great idea. Could create jobs. Would create jobs. Those companies would use that money to create jobs. Billions of jobs."

So, along with his other tax breaks, George added a measure that would allow companies that had hidden profits offshore to repatriate them without paying the full tax, normally around 25%. Instead they would just pay postage and handling, 5.25%.

And it worked. Hell, how could it not work? Five and a quarter percent was even less than the tax havens were charging companies to shuffle all those peas around under shell company accounts. But to get that deal companies had to get all that dough back into the US before the end of this year.

continued here..........

http://www.alternet.org/story/26509/

Peace be with you!

Janet

[Two Americas]

I appreciate you bringing in all of the interesting articles for us, Janet. :)

[kliljedahl]

Thank you