Summary
DURING last year's presidential campaign, Democratic nominee John Kerry vowed to "repeal the tax loopholes and benefits that reward Benedict Arnold CEOs and companies for shipping American jobs overseas."
He referred to a corporate dodge that works this way: Suppose a U.S. manufacturer pays American workers $10 an hour and pays 35 percent U.S. tax on profits. If the owners close their U.S. factory and start a new one in a poor nation, they can hire foreign workers for a tiny fraction of the U.S. hourly rate, and pay only a minuscule profits tax in that country.See the full content of this document
Extract
Job Loss: ; Sending Work Overseas
As long as the firm leaves its profits overseas, unrepatriated, it never pays the 35 percent...
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