Corporate Tax Holiday Would Shift Investment, Jobs Overseas: Report
Rather than using their extra earnings to invest in American jobs, corporations laid off thousands of workers and passed the savings onto their shareholders, states the report. Pfizer, which according to the WSJ is one of the main corporate supporters of the newly proposed tax holiday, repatriated $37 billion in 2004, the report states. Despite the repatriation windfall -- the largest of any firm in 2004 -- Pfizer cut 10,000 U.S. jobs in 2005. Full Story »
Posted by Dwight Rousu - via Google News (Jobs)



Perhaps the biggest problem is the complexity with which US tax law is applied. Because it's such a challenge to understand I suspect most people immediately begin to experience "eye-glaze" and move quickly to something else that doesn't demand such a large part of the brain to process (Garfield comics come to mind here). As a result, the policies are made without much challenge because most of us - self included - wouldn't have a clue one way or the other on how the policy will look, feel or work once it's put into motion. Says a lot for simplification of the tax code, but I am concerned that by simplifying, there may be a larger burden placed upon the backs of those who are least able to pay, simply because there wouldn't be a way to capture some of the more...creative revenue streams that flow in business. With that said, I would add that I know just enough about taxes to be dangerous, and the one thing I know with absolute certainly about them is that I detest paying them when I have no voice in how those tax dollars are used.