Breaking News Bar
posted: 7/21/2011 3:00 AM

Hold your nose; do what's right for U.S.

Success - Article sent! close

It's wonderful to see the tea party congressmen and congresswomen who stand shoulder to shoulder against eliminating tax loopholes for large businesses as penalizing the "job creators" in the name of their pledge to not raise taxes.

I took a pledge to never shop at Walmart to oppose their job killing tactics after reading Charles Fishman's "The Wal-Mart Effect." If there was an item my family desperately needed and Walmart was the only place that sold it, would I keep my pledge, or would I do what was right for my family? Of course, I would do what was right for my family.

With more than a 9 percent national unemployment rate, where are the jobs being created? Since Bush's tax cut for corporations and the top 2 percent how many new jobs have been created? The Wall Street Journal reported on Jan. 9, 2009, that "The current President Bush, once taking account how long he's been in office, shows the worst track record for job creation since the government began keeping records."

And since Congress extended those tax cuts, where are the new jobs that have been created?

According to the Harvard Law & Policy Review, (June 12, 2006) "Multinationals often pay little or no taxes on their foreign profits. In some cases, tax benefits for foreign investment are larger than the actual tax, meaning that in some cases Uncle Sam actually pays corporations to invest overseas. As a result, the tax code encourages multinationals to invest outside the United States rather than within it. Shifting business investment abroad can reduce American economic growth and wages."

If our American family needs to come together and solve the financial crisis we are facing, is the cost of not closing this loophole an example of the "tax increases" the tea partyers think are worth standing for?

Howard Miller