Wednesday, December 26, 2012

Business leaders call for closing corporate tax loopholes

The revolutions grows:
Hundreds of business leaders across the nation, including several from Wisconsin, called on Congress and President Obama today to close corporate tax haven loopholes costing the U.S. Treasury $100 billion a year and reject “revenue neutral” corporate tax reform in a fiscal cliff deal that would lock in today’s historically low levels of corporate tax receipts.

They urged lawmakers and Obama to restore tax revenues lost to corporate tax avoidance and resist lobbying by CEOs to create a territorial tax system that would reward corporations for shifting more U.S. profits and jobs overseas.

The 626 business owners and executives who signed the letter sent by the American Sustainable Business Council, Business for Shared Prosperity and the Main Street Alliance to Congress and the president said they “want a tax system that is fair and provides sufficient revenue for the public services and infrastructure that underpin our economy. When powerful large U.S. corporations avoid their fair share of taxes, they undermine U.S. competitiveness, contribute to the national debt and shift more of the tax burden to domestic businesses, especially small businesses that create most of the new jobs.”

“We need to stop the gaming of the tax system by large corporations, which undercuts small business and our whole economy,” said Lew Prince, a St. Louis small business owner and leader in Business for Shared Prosperity who recently met with President Obama at the White House. “With corporate profits at 50-year highs and corporate taxes at 50-year lows, the last thing we need is to freeze corporate taxes at this low level through revenue neutral corporate tax reform. There’s nothing neutral about big business tax dodging – it’s unpatriotic plain and simple.” ...
It's only a matter of time before the oligarchies collapse and justice is restored.  If not, then we are in for a world of hurt.

1 comment:

  1. Another scam used by multinational corporations is to transfer profits made in the U.S. to a subsidiary located in a country -Cayman Islands- that doesn't have a corporate income tax. To make matters worse, they then transfer their losses in non-taxing countries back to the U.S. and use them to offset past or future taxes.

    This explains how a large corporation can pay no income taxes and yet collect tax rebates.
    It's a sweet racket. Doesn't it just make you want to participate in shared sacrifice?