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Showing blog posts tagged with offshoring

Economic News Roundup

Economic News Roundup

The Economic Policy Institute (EPI), the Center for Effective Government and Citizens for Tax Justice (CTJ) have released important research about the economy in the past few weeks. Here's a look at some of their key findings....

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9 Reasons Why We're Giving a 'Thumbs Down' to the Ryan Budget

Liz Lemon, 30 Rock

House Republican leaders passed Rep. Paul Ryan’s budget this week by a vote of 219 to 205, with no Democrats voting in favor. The Ryan budget is chock full of so many terrible ideas that it’s hard to single out the biggest stinkers, but here goes.

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Apple CEO Tim Cook Testifies Before Congress About Offshore Tax Havens

Photo courtesy: trevorthomasmi on Instagram

Apple CEO Tim Cook is appearing before the Senate Permanent Subcommittee on Investigations today to answer charges that his company has avoided paying billions of dollars in taxes through the use of overseas tax shelters and loopholes in the corporate tax code. An investigation by the subcommittee found that Apple has shifted tens of billions of dollars of two subsidiaries in Ireland, while claiming that neither subsidiary is a tax resident of any country.

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Babbitt and the Race to the Bottom

Babbitt and the Race to the Bottom

In just about any small town that has lost a big factory, you'll hear it was the union's fault. I live in Mayfield, Ky., population about 10,000. A big Continental General Tire plant was our factory. It’s been gone for a half-dozen years.

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PIRG: States Lose $40 Billion a Year to Offshore Tax Havens

Photo from the AFL-CIO's Bring Jobs Home campaign.

A new report from the U.S. Public Interest Research Group (PIRG) reveals that state governments lost $39.8 billion in revenues because corporations and wealthy individuals are using offshore tax havens to avoid paying their statutory tax rates. We've seen the devastating effects that offshoring jobs have had on America's workers, and offshoring has long been talked about in terms of lost federal revenue, where $150 billion a year goes unpaid, but little focus has been given to state losses from the practice.

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Dave Johnson: If You Want to Reform Something, Reform the Trade Agreements

Dave Johnson: If You Want to Reform Something, Reform the Trade Agreements

When you hear anyone from the big multinationals or Wall Street using the word “reform,” watch out! The way they use the word, it means give them more and We, the People, get less. They want to “reform” Social Security, “reform” Medicare and “reform” the income tax code. And now they want to “reform” the taxes corporations pay on money made outside the United States. It’s like “reforming” an oak tree with an ax.

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'Fix the Debt' Is a Front Group for CEOs Who Don't Want to Pay Their Taxes

Fix the Debt: Watching out for CEOs, not you.

We've reported for several months now the "Fix the Debt" group is a Trojan horse. It cynically calls for cuts to Social Security, Medicare and Medicaid benefits (in the name of "deficit reduction") while advocating for lower taxes for corporations and businesses that ship jobs overseas. 

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Romney's Empire Built on Offshoring Jobs and Cutting Workers' Pensions

Photo courtesy of Gage Skidmore.

Mitt Romney’s bid for the presidency is built on the idea that his success in the leveraged buyout industry and the fabulous wealth he’s accumulated is evidence that he knows how to create jobs and foster economic growth. He argued in Tuesday night’s debate that we should just trust him when he says he can cut the deficit and cut taxes by 20% across the board because of his credentials as a leveraged buyout titan.

The problem with Romney’s argument is that the leveraged buyout business does not create jobs. The tax breaks that the industry relies on, like the discounted tax rate for capital gains and offshore tax shelters, add tens of billions of dollars each year to the deficit.

Today, The Nation is reporting on yet another example of how Romney and the shadowy private investment industry really makes its money—offshoring jobs, taxpayer subsidies and bailouts and cutting workers’ pensions.

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Romney/Bain Outsource Middle Class U.S. Jobs for 99 Cents an Hour Jobs in China

This new video from the United Steelworkers (USW) exposes how Mitt Romney and Bain Capital are profiting by selling out America's workers and shipping U.S. jobs to China.

In 2010, the Bain Capital-controlled Sensata Technologies bought Honeywell’s automotive onboard sensor business, including a Freeport, Ill., plant, where 170 workers were making a middle-class living. Says Tom Gaulrapp:

They came in and introduced the transition team, and the next bullet in the meeting was, “By the way, by the end of 2012 all the jobs in this plant will be moved to China.” 

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CWA Members at CenturyLink Seek Fair Contract

More than 13,000 workers represented by the Communications Workers of America (CWA) in 13 Western and Midwestern states are fighting for a fair contract at CenturyLink. Their contract was set to expire at midnight on Oct. 6, but workers stayed on the job under a temporary extension while they try to win a fair contract.

The workers—customer service agents, network technicians, Internet support workers and others—voted earlier by 88% to authorize a strike if a fair contract cannot be reached.

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