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Corporations Create More Jobs Overseas than in United States
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Been looking all over the place for the millions of jobs the United States has lost in recent years. Finally found some of them today: They went overseas! Unfortunately, new data out from the Commerce Dept. is no surprise. The Daily Labor Report (subscription required) summarizes Commerce’s new findings:
In 2008, the first year of the recession, U.S. nonbank multinational corporations reduced employment domestically by 2.1 percent, while expanding jobs at foreign operations by 1.1 percent, the Commerce Department’s Bureau of Economic Analysis said Aug. 18.
The number of workers involved is not trivial:
Parent companies cut a total of 445,500 jobs in 2008, while foreign affiliates added 111,700 jobs.
Multinational parent companies employed 21.1 million full- and part-time workers at the end of 2008, or approximately one out of every five private-sector workers in the United States, while 10.1 million employees worked at majority-owned foreign affiliates.
Corporations that are moaning about being unable to help out with the unemployment crisis in this nation–in which more than 26 million of America’s workers are unemployed or underemployed–can sure find ways to create jobs overseas.
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10 Comments
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What was the Commerce Departments role in helping companies move manufacturing over seas? Does the AFL-CIO know?
Yeah. In addition, how much is “Global Free Trade” just a euphemism for outsourcing manufacturing jobs and then shipping the products back to the US — to another division of the same multinational — duty free?
Simply put, the economy isn’t just somehow stagnating, corporations are deliberately preventing job creation here.
We have the second highest corporate taxes in the word at 35%. The world average is 26%. Congress should lower it to 25 % and see what happens. If it does not work then raise it higher and see if that works.
I don’t quite know where you came up with those numbers, perhaps fox views, most all corporations have heavy tax write-offs. Many, just as Enron,pay NO FEDERAL TAXES! Average corporate rate after write-offs is closer to 17%, which would be much less than the world. Many corporations keep their moneys hidden away in CaymenIslands or swiss bank accounts awaiting congress to give them another 5.25% income tax rate ….
Hey man do not be ignorant. Just google it. american corporate tax rate. It depends on how much money you make. The big guys pay 35 % It goes down the less you make.
Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
Yes, I googled “how much do US corporations pay in federal income taxes” all but one article countered what you said.
There would be nothing that we could not do as a country – nothing at all – if we simply abolished all taxes on the first 100,000, then 15% for every additional 75,000, compounded, up to a high of 90% on anything over 700,000/year , airtight, with no loopholes. We could afford free college for all, free health care for all, and all kinds of social benefits for mothers, fathers, children and the elderly. Those rich bastards who wanted to leave, could, but with only 10% of their assets. Obviously, this could only be possible once we are prepared to do what it takes to really change society – revolution. Until then, we will be stuck with whatever the rich are willing to accept, and, right now, they feel the wind in their sails are are not willing to accept anything but the complete pauperization of the American working class and the destruction of all independent unionism.
It is time to penalize Corporations for sending Jobs offshore, Time to Eliminate Prevailing wage undercutting N1H1 Visas. Let Americans make the products we use every day.
When I shop, I look for “Union Made in USA” on the labels, and depending on how bad I need the item, I may accept just “Made in USA”
You mentioned 2 companies. We have thousands of companies. Pick out a few does not nullify the true tax rate.