Its All for Sale

In an article about Gregory Nickerson, Harpers notes how the US tax code is for sale:

Supporters of the American Jobs Creation Act had argued that with all their tax savings, the companies that benefited would rush out and hire lots of new workers. But it didn't turn out that way. “One thing is clear,” Business Week reported in August of 2005. “The money piling in from abroad as the result of the Jobs Creation Act has done little to actually spur hiring. In fact, six of the 10 companies repatriating the biggest totals are axing workers in the U.S. They include HP [Hewlett Packard], which announced July 19 that it would cut its head count by 14,500 in the U.S.”

The absurdity of the $140 billion corporate tax break titled the American Jobs Creation Act is not just that it had the exact opposite effect of its name, the true absurdity stems from the fact that it lobbyists only had to pay politicians about $50,000 to push the bogus bill through congress.

Posted at April 21, 2007 9:50 PM