Congress already fell for this scam with a tax holiday passed in 2004. But companies didn’t create the jobs or investment they promised — layoffs actually increased. Instead, they boosted CEO pay, stock buybacks and shareholder dividends, and stockpiled even more money offshore to avoid taxes.
It’s no accident that wages are down while corporate profits are at record highs. U.S. wages are at a 50-year low relative to company sales. CEOs make more in a few hours than workers who care for children, the ill and the elderly make in a year.