The American Jobs Creation Act of 2004 at Work

Allan Sloan writes:

It's almost enough to make you laugh -- bitterly, of course. Here was Ford Motor Co. announcing yesterday that it had cut 10,000 jobs last year and that it will cut up to 30,000 more. But shedding jobs at muscle-car acceleration rates didn't stop Ford from pocketing hundreds of millions of dollars courtesy of the American Jobs Creation Act.

No, I'm not making this up. Right there, on page 2 of one of its news releases yesterday, Ford said that "repatriation of foreign earnings pursuant to the American Jobs Creation Act of 2004 resulted in a permanent tax savings of about $250 million."

You just can't make this stuff up.

[A hat tip to Max Sawicki]