Have you lost your job because your company has sent your job overseas?
Deferral of Income from Controlled Foreign Corporations costs the federal government...5-yr Cost to Government: $172.1 billion
All they apparently have to do is collect the profits and leave them overseas indefinitely, plus the added benefit of paying employees there less than what you would make here, and only pay taxes in the country where the business is located. As long as the money never comes back, to the US they do pretty well. No US taxes! Too bad Americans are the ones that have to suffer.
Then there's the Deduction for Domestic Manufacturing This one was created to keep jobs here. The 5yr Cost to Government is $58 billion, and my guess is that corporations keep a token amount of manufacturing plants in right to work states to collect on this. And it sounds to me like they're using this one to capitalize, not only on this tax break, but locating in states where unions are less prominent, and paying about half the wages and benefits.
Here's one that makes a little sense and has been around a while.
Accelerated Depreciation of Machinery and Equipment
This one costs the Government about $51.7 billion over a 5 year period. However it allows companies to take a depreciation on equipment that has a 20 year life prior to any point of deteriation.
Manufacturers aren't the only ones in the federal pockets, which in some obscene way leads me to the conclusion that poverty rocks in some circles.
Credit for Low-Income Housing Investmentswhich Costs Government: $34.5 billion over a five year period. Companies get tax breaks by developing low-income housing.
Take a look at the entire article.
