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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Oct. 19, 2011)
Page 20 ^Jorflaitò OObserver O ctober 19, 2011 Opinion articles do not necessarily represent the views o f the Portland Observer. We welcome reader essays, photos and story ideas. Submit to news@portlandobserver.com. New Prices Effective May 1,2010 Martin Cleaning Service Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CH G $45.00 A small distance/travel charge may he applied C A R PE T CLEANING 2 Cleaning Areas or more $30.00 Each Area Pre-Spray Traffic Areas (Includes: ! sm all H allw ay) 1 Cleaning Area (only) $40.00 Includes Pre-Spray Traffic Area (Hallway Extra) S tairs (12-16 stairs - With O th e r Services)-. $25.00 Area/Oriental Rugs. $25.00 Minimum Area/Oriental Rugs/WW): $40.00Minimum Heavily Soiled Area: Additional $10.00 each area (RequiringExtensive Pre-Spraying) Job Destroyers Don’t Deserve a Tax Holiday Congress should pay attention S arah A nderson and C huck C ollins by UPH O LSTERY C LE A N IN G Sofa: $69.00 Loveseat: $49.00 Sectional: $ 109 - $ 139 Chair or Recliner: $25 - $49 Throw Pillows (With Other Services)'. $5.00 % A D D ITIO N AL SER V IC ES • Area & Oriental Rug Cleaning • Auto/Boat/RV Cleaning • Deodorizing & Pet Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (5 0 3 ) 2 8 1 -3 9 4 9 A coalition of big businesses is waging a campaign for a massive tax holiday on corporate profits stashed overseas. Its lobbyists claim that this windfall would create millions of jobs. If our lawmakers buy that, they've got very short memories. Just seven years ago, big Ameri can corporations made the exact same promises. Congress gave them a tax holiday that allowed 843 com panies to reduce their tax rate from 35 percent to 5.25 percent on $312 billion in offshore profits. What did Americans get in re turn? Our organization, the progres sive Institute for Policy Studies, released a report this month show ing that 58 companies that received 70 percent of the tax windfalls didn't boost employment. In fact, they actually destroyed a total of nearly 600,000jobs. Almost simultaneously, the con servative Heritage Foundation re leased a paper with the same con clusion: Tax holidays don't create jobs. When think tanks from the left and the right agree on something, Congress should pay attention. But we're up against powerful forces. A coalition called Working to Invest Now in America, which goes by the slick name WIN America, has deployed more than 160 lobbyists, and spent at least $50 million, to win a tax holiday on more than $ 1 trillion in offshore funds that might get repatriated if Uncle Sam grants this tax break. Lawmakers in both the House and the Senate have intro duced bills that would do just that. The Senate version, unveiled in early October, would give the deep est tax discounts to firms that create jobs, but that requirement only ap plies for one year. We need jobs that last, not positions that could vanish after the nation's supposed job cre ators get their huge tax windfall. Some executives argue that with out the tax holiday, these global firms would keep their cash offshore permanently, and it's better for Uncle Sam to get something rather than nothing. N evertheless, offering such drastic tax discounts sets a dangerous precedent. Back in 2004, the corporate lob byists argued that the holiday would be a "one-time" deal. But after they won that round, they turned around and began amassing their offshore stashes once again. They must have counted on getting more tax holi days. A tax holiday for job destroyers isn't only a waste o f taxpayer money at a time of urgent needs. It hurts small businesses and other firms that operate only domestically. What sense does it make to give global companies deep discounts on their IRS obligations while these small, yet strong, engines of job creation face standard tax rates? There are many things that we can do to strengthen the U.S. economy and spur job growth. But providing subsidies to companies whose business model is based on minimizing labor costs, sending prof its offshore, and dodging taxes isn't a good strategy. These companies may compensate their CEOs lav ishly and deliver value to share holders, but they aren't in the busi ness of creating jobs. The WIN America campaign leader that stands to gain the most is Pfizer. The pharmaceutical giant was the leading beneficiary of the 2004 tax holiday when it toted $40 billion in foreign funds back to the United States. And what did Americans get for Pfizer's subsidy? Instead of creat ing jobs, the firm proceeded to scrap more than 58,000 jobs in the years since that holiday. Today, Pfizer is holding more than $48 billion in profits offshore. Will Congress be fooled again? Sarah A nderson a n d Chuck Collins write fo r the Institute fo r Policy Studies. r I 5 0 3 -2 8 8 -0 0 3 3 I Subscriptions, The I $60.00 for 6 m onths • $110.00 for 1 year Attn: Portland Observer, PO Box I $200.00 for 2 years (please include check with fo m ) 3137, Portland OR 97208. I I N ame : ___ I T elephone : I I A ddress : _ I I I o r em a il subscriptions@ portlandobserver.com S u b s c r ib e
