Bill Clinton, Then the Republicans, Helped Move American Pharmaceutical Companies Overseas

Before 1996, the tax code gave makers of drugs and medical devices favorable treatment for manufacturing products in U.S. territories, such as Puerto Rico. At that time, Puerto Rico was the American engine of pharmaceutical and medical device manufacturing. Many, if not most, domestic companies had a presence there. In an effort to curb “corporate welfare,” however, the Republican Congress passed and President Clinton signed the Small Business Job Protection Act of 1996, which phased out the tax exemption. The results were predictable.

The manufacturers reduced or eliminated their operations in Puerto Rico, moving them to China, India and Ireland, which welcomed their presence with favorable economic policies.

Another law passed in 2017, the Tax Cuts and Jobs Act, further discouraged manufacturing on the island [Puerto Rico]. Under the act, income generated from the Puerto Rican operations of U.S. companies is treated as foreign income and subjected to double taxation.

The Hill

Pictures of boxes, all marked “Made in China” at a Kroger pharmacy:

#ChinaChinaChina Propaganda by Republicans Could Result in Serious Consequences for the United States

Republicans have been engaged in a propaganda attack against China regarding the coronavirus, working to lay blame on China and divert attention, and blame, from the moron in the White House.

It could backfire.

China is extremely dissatisfied with the abuse of litigation by the US against China over the COVID-19 epidemic, and is considering punitive countermeasures against US individuals, entities and state officials, such as Missouri’s attorney general Eric Schmitt, who filed a lawsuit against China,  seeking compensation for the coronavirus pandemic, sources close to the matter told the Global Times exclusively. At least four US Congress members, including Josh Hawley and Tom Cotton, and two entities will be put on China’s sanctions list, analysts said. 

China won’t just strike back symbolically, but will impose countermeasures that will make them feel the pain, analysts said. 

Some US lawmakers and state governors as well as attorneys who are also GOP hawks have filed lawsuits against China, alleging that the Chinese government mishandled the epidemic and it caused severe economic consequences in the US.

“While the Chinese government makes adjustments to business relations between China and states like Missouri or Mississippi, local economies would likely be under pressure, or special interests of certain officials might be affected,” Diao [Daming, a US studies expert at the Renmin University of China in Beijing] said.

Missouri, together with other states like Michigan, South Carolina and Texas, had taken measures to make it easier for Chinese investment to come in and boost local job growth years ago. For example, in 2013, one week before Chinese company Shuanghui purchased Smithfield Foods, the Missouri legislature amended a law clearing the way for approval.

Hong Lei, then Chinese Consulate General in Chicago, said in a speech in 2017 that Chinese companies invested more than $1.1 billion in Missouri, creating 4,500 jobs.

Global Times

“Let Them Fail”: This Guy Gets It

WHY are we bailing out corporations?
To save the outrageous salaries their executives receive?
While probably laying off workers?

There’s another way. Let them declare bankruptcy.
This guy gets it:

#GOPTaxScam and Corporate Stock Buy-Backs

Since the beginning of 2012, these companies have bought back $4.6 trillion with a T of their own shares. To provide a comparison of how big this T-number really is: It blows past the magnitude of Germany’s annual GDP.

Remember all those Republicans blowing sunshine up your ass about how their tax cut was going to create industry expansion and jobs?

And NOW they’re going to be looking for another bailout!

Wolf Street

Amazon Delivery: Outsourced, Involved in Accidents, Overworked Drivers

A yearlong investigation — based on that data, along with internal documents, government records, thousands of court files, and interviews with dozens of current and former Amazon employees, delivery company operators, managers, and drivers — reveals that Amazon’s pivot to delivery has, all too often, exposed communities across the country to chaos, exploitative working conditions, and, in many cases, peril.

BuzzFeed