Why is America hurting for jobs? As usual... it's the government!

I'm no fan of the 60 Minutes' journalism... but this one is pretty simple. The US government is chasing money, jobs and companies away from America.

And it's only getting worse...

10 facts about Corporate Taxes




Like most things... in Washington DC. Americans are the last people considered. Regardless of Republicans or Democrats. Our politicians work for foreign corporations.

Here's a much more solid response to the 60Minutes expose by Peter Schiff.



More background:

In December 2008, the Government Accounting Office reported that 83 of the 100 largest publicly-traded companies in the country -- including AT&T, Chevron, IBM, American Express, GE, Boeing, Dow, and AIG -- had subsidiaries in tax havens -- or, as the corporate class comically calls them, "financial privacy jurisdictions."

Even more egregiously, of those 83 companies, 74 received government contracts in 2007. GM, for instance, got more than $517 million from the government -- i.e. the taxpayers -- that year, while shielding profits in tax-friendly places like Bermuda and the Cayman Islands. And Boeing, which received over $23 billion in federal contracts that year, had 38 subsidiaries in tax havens, including six in Bermuda.

And while it's as easy as opening up an island P.O. Box, not every big company uses the dodge. For instance, Boeing's competitor Lockheed Martin had no offshore subsidiaries. But far too many do -- another GAO study found that over 18,000 companies are registered at a single address in the Cayman Islands, a country with no corporate or capital gains taxes.

Offshore Tax Havens: Why do they still exist?

Tax Havens - Wikipedia