05 August 2011

Here Comes the 'Freedom to Invest Act'

As a general rule of thumb, any law in America that contains the word 'Freedom' or 'Patriot' in its title is brazenly promoting a crime, or a fraud, or some self serving corruption of the common good.

I suppose that this indirect level of freedom will just have to do until a bipartisan committee can come up with a plan to more directly 'free up' your IRA and 401k for the use of corporate America.

At least you are still free to vote, although the corporations get to pick the candidates and count the votes.

Some animals are more equal than others.

Rolling Stone
Evil Corporate Tax Holiday Deal Still Alive
By Matt Taibbi
August 4, 9:29 AM ET

There was some talk that a corporate tax holiday might be rolled up somehow into the debt-ceiling deal. I heard that from a few quarters in DC in the weeks leading up to Obama’s Bighornesque debt/supercommittee massacre.

However, the tax holiday turned out to not be part of that deal. That does not mean, however, that the proposal is dead. In fact, calling around in the last few days, I’m hearing that it is very much alive.

The action revolves around a bill sponsored in May by Texas Republican Kevin Brady (and co-sponsored by Utah Democrat Jim Matheson) called the Freedom To Invest Act, which would “temporarily” lower the effective corporate tax rate to 5.25 percent for all profits being repatriated.

Essentially, this is a one-time tax holiday rewarding companies for systematically offshoring their profits since 2004 – the last time they did this “one-time” deal...