harold ford is a former in democratic congressman he then went on to work for
merrill lynch which was required for banco by bank of america he now has a
shelf for bank of america
he goes on programs like meet the press
and tells us what a wonderful idea it is uh... to uh... do for example attacks
repatriation holiday
program that would take at thirty five segera tax-rate and reduce it to about
five percent as they did in two thousand four
at the time the corporations that promises or don't worry that your
we'll create so many jobs in fact there was tens of thousand layoffs
they set up don't worry this one vote or executives it'll go towards hiring
people
it went to the executives
and
now what is our for doing comes my brother says we know tax repatriation
ali
and the one thing that you must do as a democrat is ignore occupy wall street
periods
the past in the language in the rhetoric
has been just to overheated incentives for most point you can't you can survive
the kinds of things that he did things about this bill superman huge balance
sheets and part of corporate america minute making money the guidance and
advice than
worked as a president that's used in the summer job creation there's a way to do
it if you have some certain regulations presidential you got one point two
twenty one point three choices overseas amount of money to come back i'll be
fine wall street has to take that is the president's puppies and residues
regarded in the cresting criticize republicans for came to the tea party
and that the matsuda democratic party got nothing on occupies going to be
president
you got to look beyond the party by
one thing i would in fact i don't know you got a call
the people who brought you here my banking france
he's now of course an executive vice chairman makes a tremendous amount of
money
uh... at those same banks
and so he goes on television to set off the
smokers like if i want to be able to should be ignored and he said my making
friends and myself
we should get tremendous tax benefits
and uh... he says that
the president mama is not being pro-business enough
one isn't ever enough
now let me tell you about the disastrous
tax repatriation idea that he wants a plush
uh... one trillion dollars is held all show right now
are by uh...
stowe's top corporations that have those offshore subsidiaries
there for tax havens
and uh... of course harold ford and his friends want to repatriate that money
and five percent rather thirty five percent rate
uh... what what would that do
and that would save them
uh... forty-three eighty billion dollars according to estimates
from therefore i have money that they would be a promo for subsidiaries
that would mean that it would cost us forty eighty billion dollars
that they would have to make up in either spending cuts to the middle class
or the extra taxes in the middle class uh... has a lot of the republican
proposals are now is to increase taxes on the middle class the poor
do you know that of the twenty seven million businesses in america
only ten thousand have four subsidiaries
you know what that means
that is when they say that their favor small-business whether it's republicans
or
uh... so-called democrats like carol ford
donated all small businesses don't have offshore
arizona cayman islands
esos ten thousand top companies
but all the top lawyers in the lobby as they go to buy those politicians they
are the ones with offshore accounts
in two thousand four
when this tax ali was offered last time only eight hundred and forty three of
them
took advantage that means
those top alien forty-three firms are the ones that took all the money and up
all of the advantages
from this tax on it
when you combined all the money to be repatriated the last time it was
three hundred and sixty two
billion dollars
so that's a lot of it managed to gain by buying some politicians
in fact
more than fifty percent of the benefit in two thousand four went to just
fifteen companies
so forget the eight hundred and forty three went out of fifteen now that's got
more than half the benefits they had a shock to find out those fifteen almost
politically connected
uh... identity not coming
for example the top five were wiser
hewlett packard johnson and johnson
and i_b_m_ and they were trained eighty
billion dollars l's at
quarter of the entire amount
if you notice
faiza remark big pharmaceutical companies johnson and johnson does
something very similar as well
so three other for top five big pharma
big pharma one of the top three contributors their politicians on
capitol hill
they have tremendous lobbying power
and what i had they got to save
they were among the governors s_a_b_ eighty eight billion dollars
so
well worth it in front of me show you exactly how worth it
um...
demi cut the dharma apollo is a lot of the national beer economic research
study
archie they did that study on the two thousand four a holiday when ast hagee
did actually helping uh... what they said it was going to help which is
on employment
they said quote did not signifi ilene crease employment
or research and development
so where does that well it will take straight into their executives pockets
according to outlaw they were not supposed to do stock buybacks
stock buybacks through the shareholders but most importantly
they increase the stock price which is what the executive compensated based on
shockingly enough may ignore that
and they did it anyway
it was abrasive
in fact sixty
to ninety two percent of the might have been brought back in a short was not
used to hire new people
it was used to pay a back stockholders and eventually go
to the top executives
in fact i have a perfect example of that
flies are which took
repatriated the most amount of money at thirty seven million dollars
later off thousands of employees in the very next year
but they warn their top five executives
with thirty
million dollars a share
for just five dot
she i want to quest for and what a push for it
those executives made a decision
the spending money on lobbyists would be a great idea would do to create more
employment go transmitted give them thirty million dollars extra young
thatcher
now let me show you what excellent investment it is
to buy one of our crooked politicians
one dollar lobbying
equity for this analysis
gave back
two hundred and twenty dollars in tax benefits
on this issue alone
that is a rate of return of twenty-two
thousand percent on your investment
hi chose you to find a better investment
anywhere in the world
via u_s_ politician is the best thing for your block
huge corporations did it before two thousand of four or mass for that tax
holiday inn they dominate cashed in on it
and they're asking forty n
and right now we've got democrats like harold ford who is now im bank means eg
about bank of america
pushing forty n we met senators like a new democrat of north carolina
co-sponsoring legislation
she's gotten many other democrats in the senate and in the house overall nearly
thirty democrats have already signed on
and of course
the entire republican party which is basically a wholly owned subsidiary of
these multinational corporations are pushing for this
and i guarantee you it passes
there's some democrats fighting back
president all bomb is undecided yet
low down on a monday morning quarterback armed the guy who analyzes this for a
living
and i tell you had a town what's gonna happen
present all bomb was starving game about all i was in favor of abided by wall
street now devises with that i understand that
and in fact more on this campaign
to make sure the washer does not get these kind of advantages one day on wall
street these exact advantages