Posted on 05/05/2009 4:34:45 PM PDT by nickcarraway
There he goes again, bashing Bangalore.
Not for the first time, US President Barack Obama invoked India’s much-celebrated economic hotspot, which has become an all-encompassing metaphor to describe everything from job loss to globalization, to rally Americans for a protectionist cause.
At a White House event on Monday to unveil tax reforms aimed at forcing American multinationals to pay corporate taxes -- and keep jobs -- at home, Obama lashed out at the current US system, saying it encouraged paying ''lower taxes if you create a job in Bangalore, India, than if you create one in Buffalo, New York.''
The US President’s beef wasn’t really with Bangalore; the barb was aimed more at US firms and their wily ways. But Bangalore has become a catch-all term to hang US economic woes on. Obama has done it at least three times.
Bangalore has lent its name to many things in history, from a torpedo made during World War II (depicted in the movie Saving Private Ryan) to a stealth destroyer built for the Indian Navy. There was even a race horse named Bangalore that took part in the Grand National Derby in Liverpool in 1842.
But none of them have gained as much currency as the neologism ''Bangalored,'' a term that has galloped into dictionaries to describe loss of jobs due to offshoring.
For a while, the city might have felt good at the international attention. But with repeated -- and accusatory -- use, especially by the US President, it is starting to sound like an abomination -- or should that be an Obamination?
Across the world, long time natives of the city -- present company included -- are frequently thrown words (or looks) tantamount to ''aren’t you the guys taking away our jobs?'' when the place of origin is disclosed.
On Monday, Obama was at it again, banging up Bangalore (when it could well have been Beijing or Bucharest if he was so into alliteration) and buffing Buffalo, a city in upstate New York that thrives on foreign tourists because of its proximity to Niagara Falls.
The crux of the Obama argument is that under current US tax code, American corporations with subsidiaries in foreign countries can defer paying US taxes on the profits of those subsidiaries until the money is transferred back to this country.
As long as those earnings are plowed back into the foreign subsidiaries (which firms do, creating more jobs there), they can avoid paying taxes indefinitely. If the money is brought back to the US, corporations can subtract foreign taxes already paid.
The Obama plan unveiled on Monday would, among other things, prohibit US firms from receiving foreign tax credits on income that is not subject to US taxes. It will also end a provision that lets the firms legally shift income from one foreign subsidiary to another, thus perpetually ducking taxes.
As a result, companies such as General Electric, Google, Intel, and Hewlett-Packard, all of which have operations in Bangalore, will lose tax credits and be forced to pony up more tax dollars to Uncle Sam.
Whether the multinationals, which get more bang -- or Bangalore -- for the buck outside the United States in terms of productivity will take this lying down is another matter. Congress has to approve the plan, and not all lawmakers are in its favor. Past attempts to pass similar laws have failed. The multinationals may yet torpedo it with stealthy lobbying.
By the way, notice how they quote/paraphrase President Reagan.
Yeah, it’s all good. Reads like BS.
No pity on Americans who export jobs.
Hey Obama..NOT A GOOD IDEA! Who do you think will do the IT for the Teleprompter??
Eliminate corporate and capital gains taxes, and the exporting of jobs never again will be an issue. So many new business will start, existing companies expand, and overseas businesses move to the U.S. that everyone’s head will spin.
Well perhaps for a company after it creates jobs but not prospectively.
> As a result, companies such as General Electric, Google, Intel, and Hewlett-Packard, all of which have operations in Bangalore, will lose tax credits and be forced to pony up more tax dollars to Uncle Sam.
GE and Google wore cheerleader outfits when they campaigned for Obama. Reap what you sow...
Exactamundo. Zero’s actions in this case prove the old adage about the broken clock being right twice a day.
Obama wants to substitute community organizing and subsidy from the US Government for the economic benefits brought to the third world by America's wealthy class.Obama wants the Americorps to go abroad and spread socialism, and its associated values. He wants the Congressional black caucus in the kick back loop for foreign aid programs , kickbacks from petty third world dictators, who will use the US lucre to by guns and kill the colonial exploiters. Remember Zero's attitude to the British, whom he regards as colonial overseers of the worst kind, exploiting British guilt to the fullest. Its laughable.
Thats Obama's hope and change.
To bring about hope and change Obama must divide, conquer and destroy America's wealthy, affluent class and its associated corpporations, AKA " greedy conservatives" a minority of 10% of the US population who pay 73% of America's income tax, according to Rush Limbaugh.
Hitler and Mussolini accomplished the same thing, the destruction of the conservative body politic, before they could impose their Utopian programs on their own nations, and then the world.
That is what Obama is about, and people are just beginning to cop to it: Obama is a neo colonial black power, nationalist socialist. And he means to "get some."
I say EFF Obama and the horse he road in on!
This is the Obama class warfare program.
The only reason that the so called "wealthy" are now castigated as greedy is because Obama just borrowed 2 trillion dollars that has to be paid back to China and others before America goes bankrupt, and he means to wring every cent he can out of the so called wealthy class, and redistribute it using the money he has borrowed, and will continue to borrow, Problem is, China is not going along, nor are others in that league. They see Obama as a neo colonialist with designs on spreading his version of Utopia around the world. They have no intention of fundinig it, and so the pressure is on Obama to " show us the money!"
Its a laugh.
Obama is about 2 steps away from freakinig out, and when he does, things will get much, much worse in America and abroad.
And this is just the beginning of a cycle of violence abroad against America that the world has not seen in over 60 years.
Bangalore will torpedo Obama. Pass the popcorn.
That should be "donkey" and "rode".
Cheers!
LOL , My apology of the mispell. I can speak French and English, and can’t spell in either language! LOL.
Exactly. Imagine if there were no corporate or capital gains taxes in the US (by the way, foreigners don’t pay ANY capital gains taxes in the US). Pair that with our stability and infrastructure (compared to anywhere in the world), and, EVERYONE would keep a business here.
But noooo, can’t have that. Can’t have the EEEEVIL capitalists not paying taxes on their evil profits they risked everything for.
LOL! Yeah. It sure takes a lot of wile to OBEY tax laws. Tax laws written by Ubama's fellow politicians.
Yeah, like the jobs making clothes and shoes for Madam Michelle?
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