Gilbert Schanzmeyer's most recent plea on behalf of the scam called the Fair Tax claims that corporations who currently export jobs because of high corporate taxes will bring those jobs home if all corporate taxes are removed, a key component of the Fair Tax scam.
Case in point: General Electric. According to a March 24 New York Times report, in 2010 GE recorded profits of more than $14 billion, of which more than $5 billion were U.S. profits. For this small profit, GE paid the exorbitant tax bill of $0, and it claimed a net tax benefit of more than $3 billion that it can use to offset any future taxes if the company loses its political clout and actually has to pay taxes.
Incidentally, since 2002 GE has also reduced its U.S. work force by 20 percent. Apparently not having to pay taxes hasn't convinced GE to create more jobs here.
Poor mistreated corporations! Let's hope Gilbert Schanzmeyer and other deluded Fair Tax proponents rescue them before it's too late. But let's call it what it is - corporate welfare!
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