Filed this under WTF?: Ford will receive a $250 million tax break!!!

[im10ashus]

Ford Takes a Tax Holiday for 'Jobs Creation'
By Allan Sloan
Tuesday, January 24, 2006; Page D02

It's almost enough to make you laugh -- bitterly, of course. Here was Ford Motor Co. announcing yesterday that it had cut 10,000 jobs last year and that it will cut up to 30,000 more. But shedding jobs at muscle-car acceleration rates didn't stop Ford from pocketing hundreds of millions of dollars courtesy of the American Jobs Creation Act.

No, I'm not making this up. Right there, on page 2 of one of its news releases yesterday, Ford said that "repatriation of foreign earnings pursuant to the American Jobs Creation Act of 2004 resulted in a permanent tax savings of about $250 million."

Hello? How can you simultaneously cut jobs and benefit from the American Jobs Creation Act? Welcome to the wonderful world of Washington nomenclature.

Ford, understandably, declined to expand on its news release. But my calculations indicate that Ford last year brought into the United States about $850 million of profit that it had earned overseas but did not have to share with the Internal Revenue Service.

cont'd...

http://www.washingtonpost.com/wp-dyn/content/article/2006/01/23/AR2006012301582.html

[gratuitous]

2. $250 million for "jobs creation"

How many jobs did you create today, Mr. Ford?

[LiberalEsto]

3. I posted this last week, but it sank like a stone

This is an annual tax break, so they get $250K a year for job creation, while destorying American jobs.

[im10ashus]

4. Yes.

And why? Because the American Jobs Creation Act has absolutely nothing whatsoever to do with creation of jobs. The Act authorizes tax breaks for American corporation who generate a certain amount of foreign revenue. It's a simple case of Republican misdirection.

[bushisaturd]

1. Isn't it obvious?

They are creating jobs over there, so that we don't have to worry about working over here. :D

It's the Iraq policy applied to outsourcing. Another brilliant plan of Bushco.

[zbdent]

5. Didn't Ford get a BILLION DOLLARS in the full refund of the AMT

tax? Because a few families were actually inching above the mark . . . Washington (Repukes) never allowed for cost-of-living adjustments - Repukes could have addressed the issue of adjusting the AMT to keep in line with inflation and the percentages, BUT NOOOOOOO!!!

[im10ashus]

6. I am not sure.

But I wouldn't doubt it. Let's do a google. :-)

[ComerPerro]

7. Nice. And just what kind of perks and benifits do their top CEOs get?

While all these workers are being laid off?

[im10ashus]

8. I am not sure.

But I would be willing to bet they make big bucks. This was from last year:

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/04-06-2005/0003335333&EDATE=

[Beaverhausen]

9. Kicking this cause it got lost in the Alito stuff yesterday

[Skidmore]

10. Okay, is this in the category of earmarks that the Rs want so badly

to reform? Time to take this "bridge to nowhere" off the books.

[Tsiyu]

11. How many welfare mothers would it take to spend

$250,000,000???????

How many times have you heard the numbnuts say, "Damn welfare recipients are draining our economy." But a corporation mismanages its business, fails to do anything progressive and hurts American workers and the idiots in the REPUKE PARTY say, "Here! Screw us again, Big Corporation! We Repukes worship you!"

Then they walk off grumbling because a single mother down the road is getting $50 a month in food stamps.....