Romney's Tax Plan Would Create Jobs - In Germany

MItt Romney made his fortune as a Private Equity "Locust" (Heuschrecke). When his firm Bain Capital acquired a company , the modus operandi was to shut down manufacturing in the US and transfer production in low-cost labor environments overseas. 

Now, with his tax plan, Romney hopes to accelerate overseas job creation by eliminating US tax on foreign profits. This would create 800.000 overseas jobs, with Germany as a big benificiary, given the substantial US multinational presence there.

1. Currently, U.S. corporations don’t have to pay U.S. taxes on profits earned overseas until those profits are brought back into the United States. If elected, Romney would completely eliminate all U.S. taxes on these profits. Therefore, for the first time in modern history, an American company could move a factory overseas and never pay a single dollar in U.S. taxes on the profits generated by that factory.

2. Eliminating taxes on foreign profits could create 800,000 jobs overseas. No longer required to pay taxes on foreign profits, companies would now have new incentives to move their operations out of the United States. Economist Kim Clausing, an expert in international taxation, estimated that Romney’s plan to eliminate these taxes could lead to the creation of 800,000 jobs overseas. These jobs, created in China and other countries, could replace American jobs, drive down the wages of American middle-class workers, and undermine our economic recovery.

Is there any wonder why Deutsche Bank and Allianz are huge financial backers of Romney's campaign and the right-wing "superpacs" spending tens of $millions on televsion ads.?

Left out of the equation here are the additional Swiss bankers that will be requred to launder invest the profits, since the money will never be repatriated to the US so as to avoid taxation here. 

Comments

[michijo]

I'll move to Canada if he is elected. Earlier today I was envisioning the English Parliament in Canada, running smoothly and calmly in a relaxing low-anxiety English fashion. I might turn loyalist yet. Imagine only the hullabaloo of the USA. My temperament is really not cut out for this land. These wealthy elitists are barbarians.

[michijo]

A real adult would be mature and vote for the Green Party, but not in the USA. In the USA we are cowards and bow to the war-mongering Jews, just like Obama did when he uncle-tommed it with Massah-war-monger Rahm Emanuel and their "plan" to make every American do a standard military service. But we real adults know that relaxation is bad. We are high-strung and will fight and die for the blood-thirsty Jew, because smart educated people who go to ivy league universities know what side their bread is buttered on: both sides, the democrats and republican jew-bowing war-mongering scum.

[David]

I'm a tolerant person, but I will not tolerate your anti-Semitic hate any longer. There are plenty of Nazi blogs out there that would welcome your comments.

Stay away from my blog.

[michijo]

What I dont like about political parties, is that the members of a given party automatically think anyone not in their party is stupid. I dont like the Democrats, because I live in New England, and I know they entered the Vietnam war. I feel like it's a cult. Am I living in my city, on my street, or an the gang territory of the Democrats? That's why I vote for the Green Party. One has to support something else besides these control-freaks known as Democrats.

[Zyme]

Hi David,

now that I read your lines about anti-semitic hate, something comes to my mind:

1) I have bought and fully read "Täter: Wie aus ganz normalen Menschen Massenmörder werden" due to your recommendation

2) It has prompted me to buy further books and I am delighted to say that my long gone reading habits seem to return :-)

For this I unfortunately had almost forgotten to thank you.

[michijo]

If the Obama wins and we enter a war with Iran for Israel, I will start physically assaulting Democrats, punching you in the mouth and knocking your teeth out.

[David]

@Zyme,

I'm glad you found my review useful and it compelled you to read the book.

[koogleschreiber]

"Begin each day by telling yourself: Today I shall be meeting with interference, ingratitude, insolence, disloyalty, ill-will, and selfishness – all of them due to the offenders' ignorance of what is good or evil."
― Marcus Aurelius, Meditations

[Jake]

If you didn't know it yet:
"For a detailed explanation of how the Romney-Ryan tax plan is able to cut taxes by $5 trillion without exploding the deficit or requiring tax hikes on the middle class."

http://www.romneytaxplan.com/