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Sun Feb 10, 2013, 06:49 AM

Sanders: Are You With America or the Cayman Islands?

Ask your representatives to support this legislation

http://readersupportednews.org/opinion2/279-82/15951-are-you-with-america-or-the-cayman-islands-

Apple wants all of the advantages of being an American company, but it doesn't want to pay American taxes or American wages. It creates the iPad, the iPhone, the iPod, and iTunes in the United States, but manufactures most of its products in China so it doesn't have to pay American wages. Then it shifts most of its profits to Ireland, Luxembourg, the British Virgin Islands and other tax havens to avoid paying U.S. taxes. Without such maneuvers, Apple's federal tax bill in the United States would have been $2.4 billion higher in 2011.

Offshore tax schemes have become so absurd that one five-story office building in the Cayman Islands is now the "home" to more than 18,000 corporations.

This tax avoidance does not just reduce the revenue that we need to pay for education, healthcare, roads, and environmental protection, it is also costing us millions of American jobs. Today, companies are using these same tax schemes to lower their tax bills by shipping American jobs and factories abroad. These tax breaks have contributed to the loss of more than 5 million U.S. manufacturing jobs and the closure of more than 56,000 factories since 2000. That also has got to change.

At a time when we have a $16.5 trillion national debt; at a time when roughly one-quarter of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high; it is past time for Wall Street and corporate America to pay their fair share.

That's what the Corporate Tax Dodging Prevention Act (S.250) that I have introduced with Rep. Jan Schakowsky (D-Ill.) is all about.

This legislation will stop profitable Wall Street banks and corporations from sheltering profits in the Cayman Islands and other tax havens to avoid paying U.S. taxes. It will also stop rewarding companies that ship jobs and factories overseas with tax breaks. The Joint Committee on Taxation has estimated in the past that the provisions in this bill will raise more than $590 billion in revenue over the next decade.

10 replies, 1504 views

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Always highlight: 10 newest replies | Replies posted after I mark a forum
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Arrow 10 replies Author Time Post
Reply Sanders: Are You With America or the Cayman Islands? (Original post)
eridani Feb 2013 OP
DianaForRussFeingold Feb 2013 #1
Angry Dragon Feb 2013 #2
Wounded Bear Feb 2013 #3
timdog44 Feb 2013 #7
Angry Dragon Feb 2013 #9
timdog44 Feb 2013 #10
libtodeath Feb 2013 #8
Jefferson23 Feb 2013 #4
raouldukelives Feb 2013 #5
judesedit Feb 2013 #6

Response to eridani (Original post)

Sun Feb 10, 2013, 07:47 AM

1. K&R

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Response to eridani (Original post)

Sun Feb 10, 2013, 07:58 AM

2. Seize all American Cayman Islands accounts and

let them ask for their money back and prove it ...............

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Response to Angry Dragon (Reply #2)

Sun Feb 10, 2013, 08:02 AM

3. I've long thought that we've been invading the wrong countries....

The Caymans and Switzerland are two places that come to mind....

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Response to Angry Dragon (Reply #2)

Sun Feb 10, 2013, 09:53 AM

7. Glad to see

someone believes as I do. Go to all these offshore havens and seize all the bank accounts. Not just the Caymans, but Ireland and Switzerland and any other place that money is hidden. Taking advantage of the benefits and not paying a fair share of the costs for these companies and individuals is reprehensible. And these are usually the same corps or individuals that wave the flag and cry patriotism. Let these places try to stand up to the USA.

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Response to timdog44 (Reply #7)

Sun Feb 10, 2013, 10:00 AM

9. +127

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Response to Angry Dragon (Reply #9)

Sun Feb 10, 2013, 10:36 AM

10. And proud

to say Schakowsky is from my home state along with Obama. Although she is not my direct rep, I am sadly represented by Adam Kinzinger. Am going to work hard to change that.

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Response to Angry Dragon (Reply #2)

Sun Feb 10, 2013, 09:57 AM

8. This times a billion,why this is allowed is beyond me

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Response to eridani (Original post)

Sun Feb 10, 2013, 09:11 AM

4. Stop the shelters...now. Thanks to Bernie and Schakowsky. n/t

K&R

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Response to eridani (Original post)

Sun Feb 10, 2013, 09:47 AM

5. This is bad news!

Please increase your donations to the Wall St protection program. They appreciate the support even if nothing else on the face of the earth does. Block out those images of starving polar bears and people living in cages. Push away the thoughts of profits from burning sweatshop workers, climate change, fracking and state of the art military equipment used against civilians. Proudly remember you are responsible for your legacy and ensure it is one of everlasting torment for your offspring and the natural world. Please give to the Romney/Dimon defense fund today!



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Response to eridani (Original post)

Sun Feb 10, 2013, 09:52 AM

6. That leaves them plenty of money to buy politicians. How disgusting. I'm definitely for the Act.

I am actually for locking up these felons. It is basically grand larceny. Some poor slob steals a television set and gets years for it. These bastards running these companies deserve way more time...and not in some plush hotel for the wealthy. The SCOTUS totally destroyed this country with their game playing. I hope the ratio starts to change soon. Tax dodgers are not patriots.

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