Corporate Welfare

Intel’s record 3rd quarter earnings make it highly probable that the $10b mark will be broken in the 4th quarter.  Take note of this addition to the Q3 numbers.

 

“Intel’s results for the third quarter included the impact of an increase in taxes of approximately $250 million, equivalent to 4 cents per share, related to the decision to repatriate foreign-earned income under the American Jobs Creation Act (Jobs Act).”

 

Pasted from http://www.intel.com/pressroom/archive/releases/20051018corp.htm

 

The devil is in the details here but this increase to the US Treasury is the result of a deal that corporate America made with the USA by way of the American Jobs Creation Act”.  This act allowed corporations to repatriate money with a large tax break and Intel is spending more than $6b in the US that it would have had to spend elsewhere.  My look at the voting record for this act found that Republicans were the majority for it while a majority of the Democrats were against.  In fact this is one of those that some have labeled corporate welfare.  I’m here to tell you we need a lot more corporate welfare like this and we should shoot the lousy bums who voted against it as they are more interested in advancing their party than in our welfare.  Yes I know the lousy Republicans care more for there own advancement than for the countries too but we really need to hold these idiots to account for their idiocy.  I helped support the AJCA and like to think it made a difference.  Find a cause that can make a difference and do something NOW.

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