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Tue Nov 27, 2012, 07:30 PM

CEOs Use Smokescreen of Federal Debt to Promote Corporate Tax Breaks

CEOs Use Smokescreen of Federal Debt to Promote Corporate Tax Breaks

What was promoted as a plan by corporate CEOs to help pay down the federal deficit could really turn into a revenue windfall for some of the largest companies in the U.S.

The Campaign to Fix the Debt, a business group led former Bill Clinton Chief of Staff Erskine Bowles and former U.S. Senator Alan Simpson (R-Wyoming), recently proposed a deficit reduction plan that they contended would require CEOs to pay a higher tax rate.

After examining this proposal, the Institute for Policy Studies (IPS), a liberal think tank, concluded that because corporations would score big if their plan was adopted by lawmakers and President Barack Obama, the CEOs would receive greater compensation despite the higher rate.

Among the provisions advocated by the Campaign to Fix the Debt is a territorial tax system, which would allow corporations to bring home overseas profits and pay little or no tax on them. In all, the savings could amount to $134 billion for the 63 publicly-held companies that have joined the Bowles-Simpson group.

The biggest winners would be General Electric ($35.7 billion), Microsoft ($19.4 billion), Merck ($15.5 billion) and Cisco Systems ($14.5 billion).

http://www.allgov.com/news/top-stories/ceos-use-smokescreen-of-federal-debt-to-promote-corporate-tax-breaks-121127?news=846317

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Reply CEOs Use Smokescreen of Federal Debt to Promote Corporate Tax Breaks (Original post)
The Straight Story Nov 2012 OP
WinkyDink Nov 2012 #1
msongs Nov 2012 #2
Initech Nov 2012 #3

Response to The Straight Story (Original post)

Tue Nov 27, 2012, 07:36 PM

1. "CEOs Use Smokescreen of Federal Debt to" impoverish American workers.

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Response to The Straight Story (Original post)

Tue Nov 27, 2012, 07:44 PM

2. is there any elected democrat stupid enough to even consider this crap? nt

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Response to The Straight Story (Original post)

Tue Nov 27, 2012, 07:45 PM

3. Can we just call them greedy ass thieves at this point??

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