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chwbt3ou4aaptdp

When a U.S. company closes an American plant and builds one overseas, the U.S. tax code allows the expenses incurred in both activities to be written off it’s taxable income.

Under Current US Tax Laws Businesses Are Allowed To Deduct Operating Expenses. Which Include The Cost of Moving Jobs In The U.S.A. Overseas. (Internal Revenue Code)

Companies That Create Jobs In The U.S.A. Should Receive Tax Breaks. Companies That Send American Jobs Overseas Should Not. In fact, US corporations that export jobs overseas should be taxed on any products they export to the USA from their factories overseas, like president-elect Donald Trump promised he would do.

Tell Congress To Stop Using Our Tax Dollars To Fire American Workers

Contact Congress
http://www.contactingthecongress.org/

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mustang

This week, the Ford Motor Company announced that it was no longer going to export all small car production to Mexico, which meant exporting US jobs. The company will invest $700 million in Michigan, instead, and create another 700 jobs in the process.

Ford CEO Mark Fields said this move was a vote of confidence in Donald Trump. “We didn’t cut a deal with Trump. We did it for our business,” Fields told CNN’s Poppy Harlow in an exclusive interview Tuesday.

During the election season, Trump repeatedly slammed Ford for exporting tens of thousands of US jobs to Mexico.

Now here’s what you haven’t been told. Ford’s share price dropped from a recent high of $17.72 in 2014 to $11.34 on November 2016. Then came the election on November 8, and a subsequent rise in the overall price of corporate shares. So far, Ford’s share price has risen to $13.17 since November 4. Would Ford have kept the jobs in the USA if its share price was heading in the other direction. Not likely.

The billionaires, Wall Street investment corporations and hedge funds are taking cash out of the bond markets and stuffing that cash straight into the stock markets, thereby expanding the bubble, which will soon pop.

When the bubble pops, share prices will fall, and you can bet your bottom dollar that Ford will soon be exporting as many jobs as possible to enhance its bottom line and prop up its failing share price.

The economy should hit the recession by June of this year. Expect the stock and housing market bubbles to pop shortly afterwards.

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Official portrait of President Barack Obama in the Oval Office, Dec. 6, 2012. (Official White House Photo by Pete Souza) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

Official portrait of President Barack Obama in the Oval Office, Dec. 6, 2012. (Official White House Photo by Pete Souza)

This is the second in a series of the accomplishments and the worst of President Obama. Click here for Part 1.

1. Obama normalized relations with Cuba after sixty years of trade embargo. Now Cuba can upgrade its economy, and the US has a new trading partner. There are a ton of people who opposed this move, but those are the same corporate hacks who support exporting US jobs to Mexico, China, Vietnam and elsewhere. I had a friend a long time ago who said he opposed the Vietnam War. This was back in 1980 or so. “If we hadn’t gone in there,” he said, “they’d be capitalists by now.”

2. Obama authorized the raid that killed Osama Bin Laden. He announced the terrorist leader’s death in a live speech to the country saying, “Last week, I determined that we had enough intelligence to take action and authorized an operation to get Osama Bin Laden and bring him to justice.” The Republican president before Obama was such an incompetent he couldn’t figure out where Bin Laden was, much less kill him.

3. He helped stimulate the auto industry after the financial crisis. Chrysler and GM have created 250,000 jobs since then. Of course, many of these new jobs are in Mexico.

4. He signed the Dodd-Frank Act, which holds Wall Street accountable a little bit in the event of another financial crisis. In reality, the Dodd-Frank Act doesn’t regulate hedge funds even a little, and the act was heavily watered down by Wall Street lobbyists. So Dodd-Frank wasn’t much of anything, except that it included a provision for the establishment of the Consumer Protection Agency, which Wall Street executives and billionaire investors feared because it meant they couldn’t cheat and lie to the common folk as easily as before.

5. Obama backed down like a whipped dog when Wall Street billionaires and executives demanded he not appoint Elizabeth Warren to head the new Consumer Protection Agency. This turned out to be a good thing, even if by accident. Warren later became a US senator and is likely to be the next president of the United States in 2020.

Among Obama’s worst decisions:

He appointed Arne Duncan to be US Secretary of Education. Duncan is a firm believer in using every child possible to enhance the profits of the testing industry, especially Pearson Limited, a long time financial sponsor of the Democratic Party. When Duncan announced his resignation the president of the AFT teachers union said, “there’s no question that the Department of Education’s fixation on charter schools and high-stakes testing has not worked.” US K-12 public education students are the most tested in the world, and by a wide margin. It’s all about the money folks, that’s what US educational reform means. Obama’s education policy was a complete, or nearly complete, failure.

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91115-enos

Something stinks badly.

We’re supposed to believe that President-elect Donald Trump negotiated with United Technologies (UT) management to give them $700,000 in state tax cuts for each of the next ten years in exchange for not exporting roughly 730 jobs in Indiana to Mexico. Exporting those jobs would have saved the company roughly $32.5 million a year. So management gives up $32.5 million for $700,000? Not likely. Something stinks here, as in, we’re not being told the whole story by anybody. Not by the news media, not the twin political parties, not by anybody.

What did Trump really promise UT? Am I right to be suspicious?

Could Trump have promised UT something of much greater value than $32.5 million a year, or at least the same, when he becomes president? UT owns Pratt and Whitney, which manufactures aircraft engines, including US military aircraft. Assuming a 10 percent profit margin, Trump would’ve had to promise a minimum $325 million a year in additional government business to compensate UT for $32.5 million.

If he did this, then he wheeled and dealed with taxpayer money, and he didn’t do a very good job with our money. He got screwed. It appears UT CEO Gregory Hayes took Trump to the back of the shed, slapped him around, and stole the lunch money we’d entrusted Trump with.

It’s difficult to believe UT management would give up $32.5 million a year in exchange for $700,000 a year. Are they really that stupid? What we know about the deal is that Trump caved in to management and failed to use any leverage against UT, such as having the US government cancel a few of those UT contracts if those jobs are exported to Mexico, or threatening to tax the products UT makes in Mexico when they come into the USA. Trump promised he would do this during the presidential campaign, but he didn’t have the courage to do it once push came to shove.

That’s why something tells me this deal is quite a bit shadier than we have been lead to believe.

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Several days ago, Donald Trump announced he had successfully negotiated with United Technologies, parent corporation of Carrier Corporation, to keep “1100” of the 1700 Indiana jobs about to be exported to Mexico. Trump had vigorously campaigned against exporting US jobs, but isn’t that primarily what US negotiated trade agreements are all about? Precisely!

Trump promised during his campaign that he would tax US corporations that exported jobs, and then shipped their products made in other nations to the USA.

When push came to shove, Trump backed down on his promise like a scared nerdy kid against a gang of bully thugs. Trump offered tax cuts, equivalent to giving up the nerdy kid’s lunch money, rather than tax increases. In other words, United Technology executives got away with extortion.

Worse yet, Trump must have known he’d been spanked, so he exaggerated the number of jobs he’d negotiated to save. For $7 million in tax breaks, Trump saved 730 jobs, not the 1100 he’d claimed a week ago.

According to the Washington Post,

“Trump had pledged to save the plant’s jobs, most of which were slated to move to Mexico. Then the businessman won the election, and the 1,350 workers whose paychecks were on the line wondered if he’d keep his promise.

Chuck Jones, president of the United Steelworkers 1999, which represents Carrier employees, felt optimistic when Trump announced last week that he’d reached a deal with the factory’s parent company, United Technologies, to preserve 1,100 of the Indianapolis jobs — until the union leader heard from Carrier that only 730 of the production jobs would stay and 550 of his members would lose their livelihoods, after all.

In exchange for downsizing its move south of the border, United Technologies would receive $7 million in tax credits from Indiana, to be paid in $700,000 installments each year for a decade. Carrier, meanwhile, agreed to invest $16 million in its Indiana operation. United Technologies still plans to send 700 factory jobs from Huntington, Ind., to Monterrey, Mexico.”

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Carrier Corporation is moving to Mexico, and laying off hundreds of workers in Indianapolis.

Carrier Corporation is moving more production to Mexico, and laying off hundreds of workers in Indianapolis.

Donald Trump negotiated with United Technology (UT) officials to keep 1000 US jobs from being exported to Mexico. That means, however, that Trump failed to save 1100 other United Technology jobs from being exported to Mexico. Give Trump some credit. He negotiated and won some concessions.

Last year UT announced it would export 2100 jobs to Mexico, and Trump railed about how he would tax the products of any US jobs exporter that manufactured stuff overseas, and then exported their products to the USA. Trump was going to be tough on corporations like UT.

So when push came to shove, tough guy Trump backed down. Trump made a promise to save all of those jobs, and he backed far away. Give him credit, Trump wasn’t as weak-kneed on this issue as President Obama. He saved some of the jobs.

Trump will reportedly give the company tax and regulatory favors that the corporation has sought.

Bernie Sanders wrote,

“Instead of a damn tax, the company will be rewarded with a damn tax cut. Wow! How’s that for standing up to corporate greed? How’s that for punishing corporations that shut down in the United States and move abroad? In essence, United Technologies took Trump hostage and won. And that should send a shock wave of fear through all workers across the country.”

This sends a loud and clear signal that any corporation can threaten to export jobs and receive tax cuts that will be paid for by US workers.

Instead of being tough, Trump was pummeled into submission. United Technologies makes billions of US defense contracts. Instead of leveraging that, Trump offered them tax cuts. What a wimp! He had them by the financial scotum with those defense contracts, or through the use of selective tariffs, and Trump fell to his knees with a light verbal body blow. Apparently, taking a dive is Trump’s art of the deal.

So what needs to be done?

Sanders wrote, “If United Technologies or any other company wants to keep outsourcing decent-paying American jobs, those companies must pay an outsourcing tax equal to the amount of money it expects to save by moving factories to Mexico or other low-wage countries. They should not receive federal contracts or other forms of corporate welfare. They must pay back all of the tax breaks and other corporate welfare they have received from the federal government (and state governments, and with interest). And they must not be allowed to reward their executives with stock options, bonuses or golden parachutes for outsourcing jobs to low-wage countries. If Donald Trump won’t stand up for America’s working class, we must.”

For more on the story click the link below.

Bernie Sanders: United Technologies Executives Just Showed Corporations How To Beat Donald Trump-Washington Post

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images

The New York Times recently reported that Toys R Us had exported 67 jobs from its headquarters to India via the H1B visa.

According to the Times,

“A temporary visa program known as H-1B allows American employers to hire foreign professionals with college degrees and “highly specialized knowledge,” mainly in science and technology, to meet their needs for particular skills. Employers, according to the federal guidelines, must sign a declaration that the foreign workers “will not adversely affect the working conditions” of Americans or lower their wages.

In recent years, however, global outsourcing and consulting firms have obtained thousands of temporary visas to bring in foreign workers who have taken over jobs that had been held by American workers. The Labor Department has opened an investigation of possible visa violations by contractors at the Walt Disney Company and at Southern California Edison, where immigrants replaced Americans in jobs they were doing in this country. Four former workers at Disney have filed discrimination complaints against the company. The companies say they have complied with all applicable laws.”

The problem with the H1-B visa are numerous. They are primarily used to reduce American wages and salaries, for starters. In addition, there must be a shortage of US workers in order for a US corporation to bring in H1-B workers, but there never is a shortage. The Times reports, “…in recent years, many jobs that American workers lost have been in accounting and back-office administration — although there is no shortage of Americans qualified to do that kind of work.”

Then the H1-B visa worker must have “exceptional skills,” but that is rare, especially in the case of Toys R Us. Toys R Us employees trained their replacements so their jobs could be more easily exported to India.

Christine Brigagliano, a lawyer in San Francisco with extensive experience advising American companies on obtaining visas, says “Those contractors are signing on the bottom line, saying we will not undercut the wages and working conditions of Americans. But, in fact, they are.”

Of course they are! That is the purpose of the H1-B visa, and always has been.

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