Can you occupy a press conference?

Tomorrow, Senator Kay Hagan will appear with some corporate titans to explain her destructive plan to give giant multi-national corporations yet another tax cut. Wish she were holding it somewhere in which she’d have to look at and speak to the 99%.

This from the Senator’s office:

“October 6, 2011

Washington, D.C. – U.S. Senator Kay R. Hagan (NC) will hold a press conference with North Carolina business leaders TOMORROW at 9:30 a.m. at Quintiles to discuss the Foreign Earnings Reinvestment Act,

which Hagan introduced today with Sen. John McCain. The bipartisan bill creates a temporary reduction in the 35 percent corporate tax rate to incentivize repatriation of up to $1.4 trillion in foreign earnings back to the United States to boost the economy and drive investment here at home. For more information on the Foreign Earnings Reinvestment Act, click here<http://hagan.senate.gov/?p=press_release&id=1465>.Business leaders participating in the event include:

·      Dennis Gillings, Founder & CEO, Quintiles

·      Brooks Raiford, President & CEO, North Carolina Technology Association

·      Gary Salamido, Vice President, Government Affairs, North Carolina Chamber of Commerce

·      Maceo Sloan, Chairman & CEO, NCM Capital

·      Steve Winterbottom, Vice President of North Carolina Operations, Cisco

·      Bob Hawkins, Vice President of North Carolina Operations, EMC Corp.

·      Jim Whitehurst, President & CEO, Red Hat

TOMORROW: FRIDAY, OCTOBER 7, 2011

WHAT: Hagan, NC business leaders to hold press conference on Foreign Earnings Reinvestment Act

WHEN: 9:30 a.m., Friday, October 7

WHERE: Quintiles, 4820 Emperor Blvd., Durham

For more information, contact Sadie_Weiner@hagan.senate.gov<mailto:Sadie_Weiner@hagan.senate.gov>

###”

 

12 Comments

  1. jim neal

    October 6, 2011 at 3:43 pm

    Is this a fundraiser?

  2. Rob Schofield

    October 6, 2011 at 3:58 pm

    That would appear to be one way to describe it.

  3. Jack

    October 6, 2011 at 4:42 pm

    It is both a joke and a fundraiser at the expense of the American people. It is also a betrayal of the trust North Carolinians expressed, to now Sen. Hagan, when we elected her into office.

  4. jim neal

    October 6, 2011 at 4:52 pm

    Well hell don’t blame me. I didn’t vote for her in the primary…..

  5. October2011.org

    October 6, 2011 at 5:36 pm

    Kay Hagan is a disgrace to the workaday majority of North Carolinians.

  6. Pam

    October 6, 2011 at 5:39 pm

    Lol, Jim. Neither did I ;)

  7. Camilla Cover

    October 6, 2011 at 8:23 pm

    Kay, Kay, Kay — how very, very sad!!!

  8. Eunice

    October 7, 2011 at 8:22 am

    Once they get to Washington, they don’t know us any more .

  9. Jack

    October 7, 2011 at 10:31 am

    Yeah, I didn’t vote for her either.

  10. JeffS

    October 7, 2011 at 10:54 am

    Let’s see… we know Cisco is hiding billions overseas and the Egans (EMC) have a history of tax evasion. Should I assume the rest of the attendees are doing the same?

    Will this be the whose who of NC tax cheats?

    This is a double theft from the people, first when it was moved overseas, and then when legislators rewarded them for it.

    (yes, I know the overseas money is *technically* legal, but only by the letter of the law, not the intent)

  11. jim neal

    October 7, 2011 at 12:34 pm

    Quick case for why the Hagan/McCain legislation is absurd.

    Corporations patiently hoard their profits offshore waiting for Tax Amnesty Day such as that proposed by Kay and Sen. McCain. The last such Amnesty- in 2004- was an abject failure in terms of economic stimulus.

    US Corporations are sitting on cash reserves in excess of $1 trillion already. Adding another $1.4 trillion to the coffers isn’t going to make a damned difference despite the sugar-coated rhetoric about job growth which is nothing but a pipe dream. Tax Amnesty Day would save US multinationals $400 billion- a staggering number that would be an immediate boon.

    This proposal is not only dead out-of-the-gate, it’s nothing more than a crass political maneuver by Senators Hagan and McCain to try and appeal to business interests / donors (and independent voters) in NC and AZ. Both states have un/under employment above the national 9.1% /16.5% rates.

    Corporate Tax Amnesty is bad policy anytime- and rather tone deaf at this particular time to The 99%. However it might be good for the political fortune of Sens. Hagan in McCain with conservative voters…..and with doubt effective in boosting their campaign coffers.

    If Senator Hagan and McCain are serious about incentivizing US multinationals to retain their profits and pay taxes in the United States, they would be talking about reforming how we tax US corporations. Most- including incredibly profitable companies like Apple, Google and GE- pay no taxes here. Our tax laws are riddled with loopholes which allow them to avoid taxation. Our corporation income tax rate of 35% is ~the highest amongst industrialized nations and certainly incentivizes multinationals to offshore profits. In short, if Kay and Sen. McCain are serious about raising tax collections from multinationals (and reducing the deficit) then they’d be pushing broader tax reform (including redressing the unsustainable income / wealth inequality between the 1% and the 99%).

    That’s problematic for Kay, however. She’s one of four Democratic senators who has taken a hard stance against raising personal income taxes on the wealthy.

    (Note: I would offer the same criticism were Sen. Burr a sponsor as opposed to Kay.)

  12. Darryl

    October 13, 2011 at 2:46 pm

    If you Google “Foreign Earnings Reinvestment Act” you see a concerted effort to create the image of an overwhelming support for the action. Congress tried almost exactly the same thing in 2004, and it failed.

    In 2004, the companies taking advantage of the holiday ended up laying off thousands of workers and spent most of the money they brought back from abroad buying back stock and otherwise enriching their top executives and major stockholders.

    See “Repatriation Tax Holiday Push Shows Congress Turning Deaf Ear To Occupy Wall Street” to see left and right leaning groups have analyzed the Bush failure of 2004 and strongly suggest doing it again would again fail to help create jobs.

    Nevertheless, the Google search would have you believe the lie that it is all good.

    Why? And what can be done about it?