You may not have heard about “Win America,” because you’re not the target audience. This is a coalition of multinational corporations who want the federal government to enact another tax holiday for overseas corporate profits. This would allow these corporations to bring back money they illegally stashed in tax shelters overseas at a fraction of the tax liability. This repatriation holiday happened once in 2004, and the multinationals really loved that, so they want another one.
There’s an element of blackmail to this. In response to the tax holiday in 2004, corporations started stashing more money overseas. Then coalitions like “Win America” argue that they need a tax holiday to allow them to bring money back to the US for investment, thereby winning America. Of course, the 2004 tax holiday went largely to executive bonuses, but they want you to disregard that. They also don’t want you to know that the largest beneficiaries of the tax holiday in 2004 cut jobs over the next two years.
Think Progress reports that the corporations in this coalition have a history of… not paying their taxes.
However, many of the corporate supporters behind the WinAmerica campaign already use the various loopholes and giveaways in the corporate tax code to drastically lower their corporate tax rate. Here’s what these companies begging for a new corporate tax cut currently pay in corporate income taxes:
Corporation Effective Tax Rate* Apple 25% Broadcom 1.4% Cisco 19.8% Cognizant 16% 2.4% Microsoft 25% Pfizer 17.1% Oracle 27.1% Qualcomm 20%
One company not on that list is General Electric. However, we did learn today that GE, one of America’s largest corporations, which would be a beneficiary of any repatriation tax holiday, didn’t pay any taxes last year:
General Electric, the nation’s largest corporation, had a very good year in 2010.
The company reported worldwide profits of $14.2 billion, and said $5.1 billion of the total came from its operations in the United States.
Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.
That may be hard to fathom for the millions of American business owners and households now preparing their own returns, but low taxes are nothing new for G.E. The company has been cutting the percentage of its American profits paid to the Internal Revenue Service for years, resulting in a far lower rate than at most multinational companies.
Wisely, the Obama Administration has wisely rejected the repatriation tax holiday idea, at least for the time being. But don’t expect them to say a whole lot about GE’s invisible tax liability. After all, President Obama just hired GE CEO Jeffrey Immelt to lead the President’s Council on Jobs and Competitiveness. I’m sure he has one idea to keep American companies competitive: don’t pay your taxes!




93 Comments

Support this site!
Subscribe to the newsletter
Advertise on Firedoglake
Send
us your tips
Make us your homepage
About FDL News Desk
#winning!
I keep reading a “tax benefit” of 3.2 billion dollars. Is that a refund? Did the American taxpayers just give GE 3.2 billion dollars?
You just don’t seem to get it. When the corporations pay no taxes, all that money is then available to trickle down upon the great unwashed, thus stimulating the economy and turning it into a shining city on a hill. This dude told me all about it…
I have to admit that I don’t quite understand how the trickle down money can end up at the shining city on a hill. I’m guessing that the great engines of commerce in our country are able to defy the laws of gravity.
What’s this about “stashing?” Many of these corporations, like GE, are now earning much larger profits overseas than in the U.S. now, and they want to bring those profits here and invest them. With proper restrictions to make sure they do that, what’s wrong with not charging them taxes to bring the money here?
Investing that money in the U.S., again with proper regulation to make sure that they do it, would be good for America.
It’s part of the shared sacrifice – all of us who don’t fly around in private jets must take cuts in order to pay Obama’s buddies so that they can buy a whole fleet of private jets.
Oh yeah, I’m sure that’s gonna happen. Let me just go ahead and hold my breath…
I think the reason I’m unwashed is because that
moneypiss keeps trickling down on me.That anti-gravity machine would come in handy right about now. Do they keep it hidden away at NORAD?
I’m sitting here watching that DFH, John Mellencamp and his Farm-Aid 25 concert. This is one of the aid concerts that was performed in of all places, WI. They used the bulk of the money to help Katrina victims.
When you see that GE actually was gifted tax benefits instead of paying their fair share it makes one want to jerk out every light bulb and GE product around.
They keep it with HAARP I think
Back to Mahler’s 9th…
I just knew you’d have the answer…
Hey, if it’s science….
Rude weighs in on job creation…
Why don’t some progressives start innovative billion dollar companies generating billions in sales and creating hundreds of thousands of well paying jobs and establish america as a leader in technology? Then they can pay all the taxes they want and all will be well..
Corporations don’t want to pay federal taxes.
Corporations don’t want to pay state taxes.
Corporations don’t want to pay local taxes.
Corporations don’t want to pay fair wages.
I sense a theme here.
Meanwhile, for the rest of us, I was able to get out for the first time in weeks. So the first thing I noticed when I got in my car was the gas light came on. So, I headed down to our local
crime syndicategas station and filled it up.$62 f#&*@# dollars!1!
Are you F*#&(Q@( kidding me???
$62 MFen dollars to fill up my MFen tank!?!?!?!?!?!?
And I bet anyone dollars to donut holes it’s got NOTHING to do with supply and demand and EVERYTHING to do with speculators bidding the price of it up, just like food.
Fu(&!#* assholes.
If these corporate criminals were just forced to pay their taxes, period, we wouldn’t have a “deficit problem.” And if they were forced to pay them at the rate they had to back in that socialist commie Eisenhower’s administration, we’d be swimming in surplus – just like back then. TAX THE FUCKING RICH – NOW!
Your concern is noted.
I believe we already have, many times. Of course you can thank Golden Sacs for undermining them all in the “free market”.
Fixed it for ya.
Name some companies that fit the bill then.
In the late 80′s and early 90′s when the status quo had finished up the destruction of the textile industry…
How old are you? Are you old enough to remember the beginning of Silicon Valley entrepreneurs?
I haven’t seen any meaningful response to my #4 — what’s wrong with bringing foreign profits back to the U.S. tax -free? Cat got your tongue?
Rude weighs in on the need for (them sonsabitchin, all-powerful, Communist-backed) unions…
Private jets and all that jazz:
http://video.google.com/videoplay?docid=-6192002654905175683#
There’s nothing wrong with such an idea – as far as it goes. Is it likely to happen? I’d put the chances somewhere between zero and zot. Perhaps you haven’t been keeping up with current events, but we’re living in corporate state. If that response is not “meaningful” enough for you, then I guess I’ll be forced to go hang my head in shame…
IMO there’s nothing wrong with bringing foreign PROFITS into the US tax free.
But I do NOT think that’s what they’re talking about here.
Mayhaps you missed this part of the post:
So, the way I read it, is that it’s not foreign profits, but hidden US profits so as to not pay tax on them.
And if that’s the case, then you bet your ass they should NOT be allowed to bring it back in tax free. In fact, they should be taxed on it whether or not they bring it in.
Unless I’m reading something wrong that is.
Do these companies have names?
There is no meaningful restriction now or to be placed in the near future. That is the problem. We the citizens of the US have already given subsidy after subsidy, tax break after tax break, and R&D funds to GE in years past. We gave them clearances in city, state, and county governments to set up shop and hire employees. They got electric and water/sewer breaks all put upon the citizens to make it up in local taxes and the roads!
Have you ever noticed how nice and maintained the roads are around Industrial parks and established blue chippers like GE?
A good place to start would be here…
Trolls and Teabaggers make me tired…
Like I said, trolls and teabaggers make me tired. (No alliteration intended. It just worked out that way.)
Yes, they do and I’m sure Google works for you too.
If you go on the website, that’s not what they’re asking for – they’re saying lower taxes will result in them spending here, but they’re not asking any strings once they’ve repatriated the money. Also as we’ve seen with healthcare, there are many loopholes where we’ve got “non-profit” healthcare CEOs bringing home millions of dollars per year, that any sort of strings would essentially be ineffective.
Some basically, we’re talking hypothetical company A and company B then.
This is hilarious:
Look at the website:
GE
580-634-0135
A variety of refrigerators, ranges, hoods, microwaves, dishwashers and disposers can be found under
the union-made brands Hotpoint, GE Monogram, and GE Profile lines.
Here’s what you’re looking for. From now on, do your own research.
“IMO there’s nothing wrong with bringing foreign PROFITS into the US tax free.”
I think there is. These companies rely upon the US government for protection as well as promotion – like Obama was just selling nuke tech in Latin America. Company using foreign subsidiaries should not get taxpayer funded benefits from the US on one hand while not having to pay taxes on the other.
There were/are tons of software companies started and ran by Librals. If you have a problem with that then go ahead and suck up with the right-wing brand of corporations over Constitution.
I’ve got my own view of what the future of business in the US should look like.
That’s a good and fair point, one I hadn’t considered.
Still though, they could make a good counter-argument that they’re already paying that foreign country’s taxes, which should include such protection (although not promotion). So they could claim they were paying for protection twice.
I dunno, it’s a darn good point you raise.
There are, google has fairly liberal leadership, but tax money wise, I guess even they don’t want to pay taxes.
You are referring me to a company that only pays 2.4% taxes. Can you refer me to a search engine that pays its “fair share” of taxes.
OT
Margaret, I think it’s all good. Checked my account today and it’s back to showing up (still as pending though). Most likely a false alarm on my part.
Sorry.
Hell, I don’t either! Especially when the largest and healthiest of us skirt their duty to America, why should I?
Ah! Thenn kew…
Margaret referred you there so you could look up the companies you wanted a list for. Stop playing witty words.
Jon Walker is upstairs!
Gallup: Huckabee With Small Lead in Crowded Field
I gave you a search box so you can type words in and then, you know, find things out. That’s all.
Thanks and no problem. :)
Do me a favor please go find the rock you crawled out from under and go back in your TROLL HOLE… Don’t forget to cover and duck with that Rock over your head.. What non contributing blog whore you are..
Just Wonder which Kochroach brother is paying YOU?
What, precisely, is your agenda? Be specific.
Just Wonder which Kochroach brother
is paying YOUyou’re servicing?Fixed it.
Q: What is President’s Day? A: When Obama comes out of the White House and sees his shadow it means there will be two more years of unemployment. (hope that’s not an old one)
HA! too funny.
Here’s one:
How many republicans does it take to create one job?
I’ll bite, how many? (or was the question the joke?)
More than there are apparently.
There will never be enough! They need infinite Repukes for even one job and then it will be for a mistress..
If we had real accountability in this country, then Republicans would create lots and lots of jobs.
Police, prosecutors, defense lawyers, prison guards, contruction crews for constructing prison, etc. etc. etc. Because nearly every one of them is lying thief, that doesn’t believe the law applies to them. (See Wisconsin, Gov.)
Come on I want to know the answer.
They can’t. They have no way to create hate in a specific job.
~~~ModNote: If your continued purpose here is to disrupt, it will be short-lived. Attempt to remain productive, please.~~~
That “stashing” was simply a little forgivable verbal excess by DD. He’s a busy man.
So you’re okay with foreign profits being brought in tax-free, if corporations are required to invest it in job-producing enterprises? Because if they have to pay a twenty percent tax they won’t bring it in.
Sorry – but wrong -
the corporations are not suddenly earning more profit overseas -
they are simply allocating more of their total profit to overseas tax havens – indeed I have noted many times over the last decade the effect of Clinton’s enforcement of IRS Code 482 (allocation of profits) being ended by GWBush and now Obama. As the NY Times discussion of the GE tax credit noted “Martin A. Sullivan, a tax economist for the trade publication Tax Analysts, said that booking such a large percentage of its profits in low-tax countries has “allowed G.E. to bring its U.S. effective tax rate to rock-bottom levels.”
When I was head of Sun Life of Canada’s US Tax Department I was in many meetings discussing the latest tightening of the allocation rules that came down from the Clinton White House. Today I am told the accounting firms have Treasury on its knees accepting just about any allocation.
Damn good thing we did not put Hillary into the White House – she’d put Bill’s rules back in place. Obama is allowing our corporations to prosper – tax free, or at least as free as they want to be of the FIT tax.
Indeed David’s tax rate paid is much too high. If Microsoft makes 400 billion but only declares 10 billion as US profits, then pays 25% of that 10 billion, or 2.5 billion, and pays tax to no other country, then the real tax rate is 2.5 billion on 400 billion earnings – or 0.625% To cover this up FASB (the accountants) says to charge earnings a deferred tax so total tax charge reported (deferred plus paid) does not scream “TAX CHEAT”.
It is this deferred tax that the companies want to bring into SEC filings as earnings via a tax holiday. This deferred tax money will not be used for new US jobs – indeed the money will not even come back to the US except on accounting papers. The companies already stole the money – now they want their stock price to reflect the theft. It has nothing to do with jobs.
They should pay 35%! Anything less is ripping the rest of us OFF! Ya do know they do use up Our infrastructure don’t you and should contribute to the up keep of all the infrastructure! You must have an uncle named Milty Friedman.
Don – please read the post above.
You are accepting the framing that the GOP/media/Obama White House is selling – but it is a lie.
I have been there – in the trenches – at the highest tax level in a Fortune 500 company.
It is a total con job.
Give a tax credit for new US Jobs – and charge an excise tax for US jobs shipped overseas over the past 10 years – this is not hard to do – I’ll write the law if any legislator needs help. This would affect US jobs. A tax holiday rewards lying and theft via the 1120 and 1120L tax returns – and will produce zero jobs.
Indeed via what are called back to back loans (yes I know there are laws to prevent this but good luck enforcing them as I can make the path so complicated you’d need a good 24/7/365 audit team at the IRS to catch the ploy – and the IRS would rather chase earned income credit filers), the overseas profits can be brought back to the US at anytime with no tax paid and then used for capital – if that is what US corporations want to do. But we have no US CORPORATIONS any more – just thieves that use the US infrastructure to make money, and more important, to protect the money they have made – and who do not give a damn about US jobs.
US CORPORATIONS will exploit our lack of trade protections as long as we let them – indeed Obama has a Korean Trade Agreement ready to extend the trade agreement screwing of the American worker.
Oh come on. They will invest it overseas for sure — where the growth is — if you penalize them for bringing it back. It’s their money, their option.
“Still though, they could make a good counter-argument that they’re already paying that foreign country’s taxes, which should include such protection (although not promotion)”
That could also be said of inheritance taxes – and actually frequently is said – that taxes were already paid, but this is even worse given how this can go on in perpetuity, while someone dies just once. This would just encourage businesses to go to the country with lowest possible tax rate and essentially game the system by getting a free pass-through…they’ll find the lowest tax rates with the worst worker treatment, so a corporation can pay people $1 per hour to work in sweatshops while downsizing here but getting the full benefit of US status. It would be good for the individual businesses to have Uncle Sam encouraging more downsizing and while letting businesses go after the lowest taxes in the world to boot, but it wouldn’t be good the US as a whole. This offshoring of jobs is already going on now of course, but this would exacerbate the situation rather than help the situation.
You’re not addressing foreign profits, but rather throwing up strawmen — tax credits. loans, etc. Can we stick to the subject, capturing foreign profits for U.S. job-producing investment, enforced?
Margaret referred you to a search engine, if you don’t want to use it, you can find yourself another one. Do you’re own homework.
Would you be so kind as to respond to Papau at #63. If that kind of evidence has no effect on your thinking, further conversation is pointless.
Start innovative companies – by progressives –
you assume this does not happen – why?
Read a little bit of history – and note that the bankers soon get control, and get non-progressive management in immediately or wait for the owners to get old and then get the owners to sell out (see Ben and Jerry’s, or Jordan’s Furniture)
Only unions keep the rights (that owners that are progressives give workers) in effect after the banks have changed the companies management.
I’m an infrequent commenter here, but Margaret you are the bees’ knees, a first class mind, wit. This one made be LOL. Perfect.
Okay, they’re legally allocating more profits overseas. Unless the law that allows them to do this can be changed, which it probably can’t, then what’s wrong with allowing them to bring these profits back and invest them?
It’s also true that the the real growth, and profit, in the world is overseas, not in the U.S., talking GDP growth, so probably most of these profits are not exported but truly earned overseas, so the same repatriation rule would apply, promote U.S. investment and job growth.
Agree?
Nonsense – it is not a strawman.
A company makes world wide profits and pays world wide taxes. To pretend US tax paid rates have meaning you have to show that declared US profits have meaning.
And they do not have meaning – IRS CODE SECTION 482 is not being enforced.
As to bringing jobs home, you assume more WORLD WIDE CAPITAL that is not taxed on movement into the US means more jobs. I stated how more capital is available – with no tax – any time a world wide corporation with capital needs to move it to the US. A tax holiday does not make it happen. Indeed the money round trips (see back to back bank loans). The only advantage a tax holiday gives the money is the ability to use it for dividends without making the dividend payout ratio look screwed up.
Learn a little about multi-national corporation accounting and a little about multi-national tax – and how board room decisions are made to create jobs in any given location – and get back to me. Actually you would enjoy learning the game, I suspect, of moving money through partnerships, corporations, or their equivalents, into/out of various states and countries and seeing the final accounting entries that are generated.
The law need not be changed – the Clinton regulations need to come back and be enforced.
As to letting them bring the money back – well if it created jobs, I’d bite my tongue and say go for it.
But we have had tax holidays before – and studies show that after the holiday no new jobs are created and indeed the companies that use the holiday continue to decrease US head count as they move more jobs off- shore.
“Unless the law that allows them to do this can be changed, which it probably can’t, then what’s wrong with allowing them to bring these profits back and invest them?”
You’ve not addressed my #33.
“It’s also true that the the real growth, and profit, in the world is overseas, not in the U.S., talking GDP growth, so probably most of these profits are not exported but truly earned overseas, so the same repatriation rule would apply, promote U.S. investment and job growth.
Agree?”
No, the opposite would be true. I don’t feel a need to repeat my #67, which you also haven’t addressed.
Yeah, go and find a country with the lowest wages and the lowest taxes, fire all your US workers and then have Uncle Sam reward you for your offshoring of jobs – a recipe for job destruction, not job creation.
“Still though, they could make a good counter-argument that they’re already paying that foreign country’s taxes, which should include such protection (although not promotion). So they could claim they were paying for protection twice. I dunno, it’s a darn good point you raise.”
The US corporate tax code decreases the US tax on worldwide income for the tax paid on overseas profit – so there is no “pay for protection twice”. The off-shore profit’s tax is deferred until it is brought back into the US – usually as a source of funds for dividends. I have never known any job creation decision to hinge on getting money that is overseas that carries a deferred tax that must be paid if used in the US. There are too many ways around such deferred tax payments.
I have no intention to: Learn a little about multi-national corporation accounting and get back to you. I have instead requested that you explain in simple English on this blog why corporations shouldn’t be encouraged to repatriate foreign profits and you have been unable to do it w/o going high-hat on me, trying to impress me with your insider IRS code mumbo-jumbo.
In the blogging world, papau, if you can’t explain your position you’re DOA. It doesn’t matter what you used to be, just like it doesn’t matter what I used to be. It’s all about here and now, making sense in plain English so people can understand the issue.
So I won’t get back to you, for sure. See you next time.
Bat guano Don pure and simple..They do not contribute to the betterment of Our country, yet they read major money from it.. They are really just parities of the system.. Just look up GE and Gadolinium and NSF.. These fuckers are killing and disabling citizens with their product.. Go ahead look it up.. But I( truly don’t think you give a shit about anyone but yourself and maybe just maybe your family.. But from your previous comments Nah the almighty Dollar is Your God! You remind me of the tinman who used to Troll here.. Go find your rock will ya??
“It’s also true that the the real growth, and profit, in the world is overseas, not in the U.S., talking GDP growth, so probably most of these profits are not exported but truly earned overseas, so the same repatriation rule would apply, promote U.S. investment and job growth.
Agree?”
Overseas sales does not equate to a need to export jobs – see Japan and Germany. Where “value is added” is where profits are made – but the corporations under IRS Code 482 pretend no value is added in the US – despite having a corporate headquarters in the US (this may actually be true as to the CEO in that corporate headquarters) – so they pay no tax. Under Clinton the regulations demanded “distribution company level profit levels” in the allocation of profit into the US – at the very least. Now our multi-nationals claim to lose money on their US activities.
I can not explain that your assumption that capital that carries a deferred tax is needed to create jobs – because it is not true.
I guess that means – in simple English – you prefer the GOP lie to the historical truth.
So our tax discussion has ended.
Let me know – in simple English – when you find an example of a corporation not investing in US job creation because it has assets overseas that carry a deferred tax if they are declared to be part of US based capital, or deciding to create US jobs because it has more capital in the US.
Indeed raising money in the US to do off shoring of production seems the markets main function these last 10 years – how does that fit into your world view?
Well I disagree about DD.
If you’re talking about simply the profits that a corporation makes overseas and wants to invest here, then basically you’re talking about capital.
I could be wrong, but I do not believe we tax capital coming into the country. If they made their money on the moon, and wanted to invest it in Colorado, I’m pretty sure there’s no “movement” tax and bringing the money into the USA.
Someone is going to have to provide a link to show me that a corporation that wants to bring in foreign capital will have that capital taxed.
I still think this topic is all about money illegally stashed away in foreign tax shelters, and I stand by my belief that yes, THAT should be taxed with re-entry, because it should have been taxed to begin with.
But if a corp earns XXX dollars in profit in Germany, pays German taxes on that profit, and then decides to invest that money in the USA, I’m pretty sure there already is NO TAX on that. That would just be movement of capital.
The last time we fell for this, the American Jobs Creation Act, the consequence of the act was a large incentive to locate factories outside the country to take advantage of low tax rates. That shredded our manufacturing base and threw people out of work, in addition to not giving us access to all those corporate tax dollars, which when they did come in, were used largely to pay dividends to shareholders and to buy back company stock (source on the latter, Marketplace on PRI, Friday March 25, citing study at Harvard in 2007).
Now they have a trillion dollars overseas that they’re refusing to repatriate, and they are currently also refusing to hire Americans. No deal.
Here’s a better deal. Repatriate the money at full tax rate and pay your taxes, or don’t repatriate the products and sell them someplace else. Let’s see if Intel and Apple can sell their goods without an American market. These are the same companies and CEOs that refuse to pay taxes here on anything while the communities they live in die. They are the same companies that lobby for raising the H1B ceilings with local 12 percent unemployment. We simply don’t need their deals anymore, we need them to either pay their fair share or take all their products off our market and close their American doors, our universities and retirement funds need to divest of their stock, and their CEOs need to be run out of town.
Wait a second, DB are you talking about US corporations??
Because when I read your question, it reads like you’re talking about a corporation not currently in the US. When you say some corporation earns profits in foreign countries, they should be allowed to invest those profits in the USA, which I thought meant they aren’t currently invested in the USA.
If you’re talking about US corporations with foreign branches, then that’s a different matter.
Which one are you talking about?
Not very American or patriotic to not pay your fair share of taxes. Lets just get rid of all deductions, non profits, and tax free mega churchs’. Deductions are just another way of spying on us anyway. We could lower taxes because EVERYONE is paying their fair share and we’d pay off our debt very quickly I think.
lol….. i have decided to “hire myself” as a paid consultant, then myself as a “tax specialist”, then also myself as “an accountant”, and bill each v-me for services under an IOU plan so that i can deduct everything and pay myself sometime after my funeral. that ok?
Yeah right pigs can fly and Obama is a Democrat. After offshoring all our jobs to low wage countries for years, this time we promise Mr. President we really, really will invest in creating American jobs.
I try not to buy anything from GE. I’m surprised passenger jets don’t fall from the sky all the time with their lousy quality control. You can forget Apple too. If you make products in China, it’s just a matter of time….
The national Democratic Party is too weighed down with special interests money to be an effective change agent. Please sign this petition if you agree with this new progressive vision for the party.
Demand That These Bold, Progressive Policies Be Included In The Democratic Party Platform – 2012!
1. Put Millions Back To Work – Federal government invest $2 trillion over 10 years through a national infrastructure bank (run by engineers, not politicians) to create jobs now and increase productivity later. Fund with a millionaire’s tax
2. Balance The Budget – over time by raising taxes on the super-rich, contain the explosion of health-care costs, end agricultural subsidies, stop corporate welfare, cut the defense budget, end the wars (another form of corporate welfare)
3. Reduce Health Care Costs – add the public option. Allow Medicare to purchase drugs. Give MEDPAC wider authority. Allow drug re-importation
4. Encourage Upward Mobility In Society – make higher education free to families that can’t afford it. Fund with a financial transactions and bank tax
5. Keep Social Security Solvent For Generations – raise the ceiling on income subject to the Social Security tax to $180,000. Congress could also gradually slow the growth of benefits for middle and high earners while still allowing these benefits to rise in terms of absolute dollars and purchasing power. Lower-wage earners would receive everything they are now promised. Eliminate $4.8 trillion long-term deficit
6. End Foreclosure Crisis – begin by giving bankruptcy judges the power to order reductions in mortgage principal owed
7. End National Addiction To Oil – begin with a carbon tax to reduce consumption, increase energy efficiency and make alternative energy more cost-competitive. Revenues generated should go to reducing payroll taxes to stimulate employment
8. End Politicians Addiction To Money – enact the Fair Elections Now Act. Strictly voluntary. Matching funds. $100.00 maximum donation.
9. End The Bank Monopoly – break up the big banks and strengthen the Volker Rule
10. Never Renew Bush Tax Cuts
http://www.thepetitionsite.com/18/demand-that-these-bold-progressive-policies-are-included-in-the-democratic-party-platform—2012/
I assume this means the corporations know they are cheating on their taxes and want changes to make their actions legal.
Can someone explain to me how this is any different from serial amnesty for illegal aliens (ie: just encourages more tax avaoidance behavior, waiting for the next amnesty)?
We need to get rid of corporate TAX CREDITS that enable companies to actually get paid by US taxpayers instead of paying any income tax. Give them TAX DEDUCTIONS like the rest of us. Homebuilders and banks also got a 5-year “look back” so they could apply recent losses against the profits they made in the boom years. The giant sucking sound you hear is the US gov’t giving past taxes paid back to those groups, also.
Close the loopholes, make corporations pay taxes and we will not have a deficit. General Electric really sucks, not only does it not pay taxes, it also keeps getting paid for an airplane engine that the military does not want. Although the jobs would be nice, the product is unneeded. Both Brown and Portman refuse to let unwanted project die. We have the best legislature that corporate money can buy.