Clinton was expected to propose the elimination of tax breaks for companies that move jobs to other countries and use the savings to provide $7 billion a year in tax incentives to persuade companies to “insource” jobs in the United States
I’m confused. So we take away tax “breaks” to give tax “incentives”? If it’s cheaper to move jobs overseas, no amount of tax “incentives” is going to persuade companies to “insource” jobs in the US. During an economic downturn, when companies are trying to cut costs, while the cost of doing business in the US remains high, companies will look even harder in trying to outsource jobs to countries where the cost of doing business is far cheaper. Who’s to say other countries won’t give tax breaks? In this global economy, companies can pick up and go where ever they want.
In addition, she’s proposing:
- Creating a $60 billion National Infrastructure Bank
- Increasing federal funding for public transit by $1.5 billion per year
- Devoting an additional $1 billion to intercity passenger rail systems
- Investing in cutting-edge technological solutions to the growing problem of traffic congestion
- Promoting the “greening” of our highways and transit systems
Where is all this money coming from? And all this while, Bernanke is warning of a possible recession. Hey, I’m all for creating new jobs, renegotiating NAFTA, keeping existing jobs here in the US. Just do it without raising my taxes.