What you need to know about Ohio Politics and Policy
· September 13, 2012
The Job Killing Effect in the Romney-Ryan Plan
If you’ve been following the blog over the past couple of days, you know we – along with the Center for American Progress Action Fund – released a report yesterday on how the Romney-Ryan economic plan would clobber Ohioans. Yesterday we talked about a few kitchen table issues and we took a look at Sheldon Adelson’s seat at the king’s table where Romney’s tax policies are concerned.
Today we’re talking about jobs. Unfortunately, there’s not anything concrete in Mitt Romney’s tax plans that would increase hiring in Ohio. In fact, there’s one huge policy that would inevitably encourage more jobs to move overseas.
In the short video below, Tom Perriello, president of CAP-Action, explains how Romney wants to “repatriate” hundreds of billions of dollars U.S. investors and corporations are holding offshore. This money is profits from overseas. If they bring that money back here to the U.S., they would have to pay taxes. Romney wants to give them a tax-free holiday and then make it permanent. That would mean U.S. corporations and investors could operate overseas tax free here in the U.S. They could bring their cash back while they ship more jobs to places like India and China. When was the last time you got a tax holiday?