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Senate to Companies: Fire Americans, Get A Tax Cut – A Big One | Solutionomics
Fire Americans, get a tax cut. Lower wages, get a tax cut. Reduce investment, get a tax cut. Move jobs overseas, get a tax cut. Under the recently passed Senate tax bill, companies can fire Americans, lower wages, reduce investment, send more jobs overseas and their statutory tax rate will be cut nearly in half, from 35 percent to 20 percent. Even crazier, companies can bring their trillions of dollars of foreign earned profits to the U.S., fire Americans, pay lower wages, reduce investment, increase foreign outsourcing and have the tax rate on those foreign earned profits reduced from 35 percent to 12 percent or less. When asked directly if he would place requirements on repatriated foreign profits, Gary Cohn, director of the National Economic Council said he would not. No wonder so many Americans are against this form of tax reform. Increased hiring, increased wages, increased investment and reduced outsourcing were key justifications for the Senate's recently passed bill that will