Posted on 06/09/2009 11:33:41 PM PDT by CutePuppy
The high-tech industry is planning to amplify its opposition to a tax proposal by the White House.
On June 5, about a half-dozen tech trade associations discussed strategy for stopping a tax hike on multinational corporations, which would come if the Obama administration succeeds in changing a law that allows companies to defer taxes on overseas revenue of their subsidiaries.
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That has led to a lobbying blitz out of Silicon Valley. This week, at least three tech trade associations are flying in executives from their member companies for meetings with lawmakers and White House aides. They will lobby against the proposal in those meetings. The Information Technology Industry Council, TechAmerica and the Semiconductor Industry Association are coordinating the visits.
“It’s going to be raised everywhere,” said another tech lobbyist.
Opponents of the proposal that will change the “deferral” law say Obama’s proposal will lead to more job losses here in the United States and would be a boon to their foreign competitors.
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The report shows that the deferral plan could cost corporations at least 159,000 jobs or $7.3 billion in payments to workers. Under certain conditions, the proposal could end up affecting 2.2 million jobs.
The Technology CEO Council, a trade group for tech industry leaders, commissioned the study. Robert Shapiro, a Clinton administration economist, and Aparna Mathur, of the American Enterprise Institute, put together the study.
The plan to tax the profit U.S. companies generate overseas has already led to some prominent executives threatening to move jobs out of the country.
“It makes U.S. jobs more expensive,” Steve Ballmer, CEO of Microsoft, told Bloomberg reporters last week. “We’re better off taking lots of people and moving them out of the U.S. as opposed to keeping them inside the U.S.”
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(Excerpt) Read more at mobile.thehill.com ...
Round and round it goes...
Heh. The tech sector was a near-monolithic supporter of Obama’s campaign.
A lot of “groups” that vote for Democrats do it against their own self-interests or personal lifestyles, like in a trans, seemingly hypnotized by a feel-good rhetoric or blinded by surrounding glitz and glamour.
Then they slowly wake up or come to... and the pendulum starts swinging back.
Can’t wait to see them crying in their redbulls on slashdot.
yup.
I think these "groups" are colloquially referred to as "idiots" ;)
We live in a VERY stupid country...
Welcome to Gault's Gulch, Mr. Ballmer!
I just made a related comment on Administration to issue new Wall Street pay curbs in United States thread.
Many people on WS are now taking off rose-colored glasses when looking at Obama and Democrats in Congress... whichever comes first.
Not a moment too soon. They voted him in, now they are paying the price.
It is one reason tech lobbyists are thinking carefully about how publicly they want to oppose the tax plan. Their closeness to the new administration and powerful Democrats on Capitol Hill may help them find open ears among members of the party in power.
“No one is arguing PhRMA should be out in front on this,” said a tech lobbyist, referring to the pharmaceutical manufacturers’ trade association, which has stronger ties to Republicans. “Tech is considered a Democratic industry.” ...
Great former chairman of formerly great Citibank, Walter Wriston, said something like his: "Money goes where it is welcome and stays where it is well-treated."
I thought geeks were supposed to be smart! Who brainwashed them to vote Democrat? All of them made millions thanks to Ronald Reagan's capital gains tax cut. They should all be free market supporters. This just shows how deep communist penetration was in the 1960's. Stupid losers...
Likewise true of the Silicon Valley dot bombs, who supported 0booooombashit almost universally, including my dumb ass brother who is a Gen Mgr in San Diego. I want our country to succeed & overthrow 0booooombashit, but I wouldn't mind if the liberal leftist dot bombs took it in the shorts for supporting this commie pig usurper!!!
.
Like with other "smart groups", I can't quite understand it. I think it's probably "libertarian" / pot / "freedom, man" streak, plus all the giveaway goodies - like "stimulus" which is exactly opposite from "freedom" but usually benefits large companies - that that draws them to Democrats.
They leave their normal thinking cap at the door, they just want to feel good and "give something back" with OPiuM (Other People's Money), when it comes to voting.
Maybe we should just fool them in 2012, get elected and then run the country like grownups! Unfortunately, the MSM/SRM won't allow it...
Most of the pineheads on /. are actually from Europe or they’re Europeans working in the US. Slashdot isn’t very representative of the US tech industry or workforce.
The GOP has a “serious damaged brand” problem. People with degrees and advanced degrees REALLY believe that Republicans are bad. They simply MUST vote Democrat. Its all about fitting in and “being” liberal. Its like Birkenstocks, Volvos, Stones concerts and all of the other trappings that scream... “I’m modern!” Its a mental illness, really, as Obama screws them to the wall. Rational thinking people will vote for what is good for them. Liberals vote for what is good for “society” and, apparently, like the results.
As one prostitute says to another in American Gigolo (1980) : "It don't make no difference how much, Julie. The other side will always pay more".
We can't outbid Democrats, any attempt to try and do that (Bush, McCain, Hastert, DeLay et al) only leads to loss of credibility and principles for GOP, and Dems will demand and promise more and scream that GOP is starving children. It's a losing game.
Republicans can easily win on principals, if GOP can first prove to electorate that they have them... and then keeping to them.
Ya think?
It amazes me the level of total ignorance of the kool aid drinkers that vote for socialism.
Neither do they care to educate themselves about how the goobermint was set up to run, history, nor economics, but the whopper is, they are too stupid to admit what their guys actually do to us to stifle the chances to increase our standard of living and way of life.
Most of these igits can't pour pi$$ out of a boot with instructions on the heel....God Bless'em anyway for their sakes and ours.
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