Continuing from my previous post ...
Here's a chart from the Congressional Budget Office showing how many American firms have left the country (75) to avoid paying taxes in the U.S. over the past 30 years.
In the FYI Department: According to the Financial Times, by moving abroad firms have been able to stash at least $1 trillion away, and perhaps as much as $1.7 trillion. This is dead cash, though, since it can't be used to invest back in the United States, nor can it be redistributed back to shareholders.
Using figures from the CBO, Senator Bernie Sanders found that if just 29 U.S. corporations were to repatriate their tax avoiding dollars to the United States that the federal government could rake in about $128 billion (i.e. before the tax accountants and lawyers do their magic).
If all of the Fortune 100 brought back the more than $1.7 trillion it appears that the CBO suggests they have stashed abroad we're looking at about $500 billion in new tax revenue (or about what our federal deficit will be this year).
So, yeah, even though the bill is not retroactive - and probably won't pass - the "No Federal Contracts for Corporate Deserters Act" is a good idea that deserves broader discussion ... if no other reason than to shame the GOP for being corporate lackeys.
- Mark
Here's a chart from the Congressional Budget Office showing how many American firms have left the country (75) to avoid paying taxes in the U.S. over the past 30 years.
In the FYI Department: According to the Financial Times, by moving abroad firms have been able to stash at least $1 trillion away, and perhaps as much as $1.7 trillion. This is dead cash, though, since it can't be used to invest back in the United States, nor can it be redistributed back to shareholders.
Using figures from the CBO, Senator Bernie Sanders found that if just 29 U.S. corporations were to repatriate their tax avoiding dollars to the United States that the federal government could rake in about $128 billion (i.e. before the tax accountants and lawyers do their magic).
If all of the Fortune 100 brought back the more than $1.7 trillion it appears that the CBO suggests they have stashed abroad we're looking at about $500 billion in new tax revenue (or about what our federal deficit will be this year).
So, yeah, even though the bill is not retroactive - and probably won't pass - the "No Federal Contracts for Corporate Deserters Act" is a good idea that deserves broader discussion ... if no other reason than to shame the GOP for being corporate lackeys.
- Mark
2 comments:
Corporations avoid paying taxes to keep more of their own money. If the corporate tax rates in the US were lowered, people wouldn't have to go through all of these legal-gymnastics; which are surely costly on their own.
If Dems want to attack companies with off-shore accounts, how much ground should they give?
Garbage. They do it for PURE GREED. After WWII companies were taxed a 90% and THRIVED along with the middle class, so spare us your bullshit about how tough it would be for them.
There are only 2 kinds of conservatives. Millionaires and suckers, and you sure ain't a millionaire
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