Think you're getting a nice tax refund?

Well check out the refund IBM is getting according to an article at Slate.com.

IBM, for example, is banking a $2.8 billion refund—well, better to call it a "tax savings"—because instead of paying the normal corporate tax rate of 35 percent on $9.5 billion in profits it earned overseas, the company paid only 5.25 percent. That's the magic of the American Jobs Creation Act

That act was passed under the guise of creating jobs in America. So corporations were supposed to take this gift of lower taxes and use that money to create jobs here. IBM must have been confused. They are employing four times as many people in India as they were a couple of years ago, but shedding office space in the U.S. like there is no tomorrow.