Taxation

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Ballooning Government Debts

A government debt is a government claim against personal income and private property – an unpaid tax bill. – Hans F. Sennholz "All democracies institute programs for current voters and shift the debt to future workers, even the unborn. Social Security, Medicare, prescriptions drug benefits for seniors are prime examples in America." Many U.S. States are battling public debt. Steve Forbes believes that the Obama's stimulus money to these States has only delayed their 'moment of truth'. Governor Chris Christie of New Jersey is praised by Forbes for reeling the spending back to 2006 levels and trying to negotiate with the public employee unions. "Under-funded public employee retirement and health care contracts are a major portion of the debt."

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S.3816

S.3816 also known as `Creating American Jobs and Ending Offshoring Act' was sponsored by Dick Durbin (D-IL) an had eight co-sponsers. The republicans filibustered this bill and then blocked it.

The basics of this bill included:

1) a tax holiday for companies that returned jobs to America from overseas. (up to 24 months)
2) No more tax deductions or tax credits for the cost of an American job offshoring transaction
3) Eliminate the deferral of tax on income of a controlled foreign corporation attributable to property imported into the United States by such corporation or a related person, except for property exported before substantial use in the US and for agricultural commodities not grown in the US in commercially marketable quantities.

The whole bill can be viewed here: http://thomas.loc.gov/cgi-bin/query/z?c111:S.+3816:

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