the Voice of
The Communist League of Revolutionary Workers–Internationalist
“The emancipation of the working class will only be achieved by the working class itself.”
— Karl Marx
Aug 1, 2011
Some politicians are proposing another tax holiday for big corporations–with the b.s. excuse that it will create jobs.
A “tax holiday” lets big companies, like GE or Google–who already juggle their books to keep profits overseas–bring back this money. If it returns as profits from overseas during the “tax holiday,” then the companies will be taxed only at a 2 or 3% rate.
In reality, GE used this same game–a “tax holiday”–to avoid taxes in 2004. With or without a “tax holiday,” GE has avoided paying taxes on its 14 billion dollars in profits–and received federal bailout millions and laid off workers. In addition, its pals in Congress, who specialize in corporate loopholes, gave GE a three billion dollar tax credit.
No jobs were created! Only profits.