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Economy
In reply to the discussion: Weekend Economists Under the Influence of Saturn, November 16-18, 2012 [View all]Demeter
(85,373 posts)47. 10 Filthy-Rich, Tax-Dodging Hypocrites Pushing Disastrous Austerity on America
http://www.ips-dc.org/articles/10_filthy-rich_tax-dodging_hypocrites_pushing_disastrous_austerity_on_america
Fix the Debt is a coalition of more than 80 CEOs who claim they know best how to deal with our nations fiscal challenges. The group boasts a $60 million budget just for the initial phase of a massive media and lobbying campaign.
The irony is that CEOs in the coalitions leadership have been major contributors to the national debt they now claim to know how to fix. These are guys whove mastered every tax-dodging trick in the book. And now that theyve boosted their corporate profits by draining the public treasury, how do they propose we put our fiscal house back in order? By squeezing programs for the poor and elderly, including Social Security, Medicare, and Medicaid.
Fix the Debt claims their agenda is not just about spending cuts. But when it comes to their tax proposals, they use the slippery term pro-growth reform to push for cuts in deductions that are likely to include credits for working families and you guessed it more corporate tax breaks. Chief among these is a proposal to switch to a territorial system under which corporate foreign earnings would be permanently exempted (instead of being taxed when they are returned to America).
This idea, also supported by the Bowles-Simpson deficit commission, would make it even more profitable for big corporations to use accounting tricks to disguise U.S. profits as income earned in tax havens. Citizens for Tax Justice estimates that such tax haven abuse will cost the Treasury more than $1 trillion over the next decade....MORE
1. Jeffrey Immelt, General Electric
2. Jim McNerney, Boeing
3. Lloyd Blankfein, Goldman Sachs
4. Brian T. Moynihan, Bank of America
5. David Cote, Honeywell Corporation
6. Randall Stephenson, AT&T
7. Arne Sorenson, Marriott International
8. Alexander Cutler, Eaton Corporation
9. Lowell McAdam, Verizon
10. Steve Ballmer, Microsoft
Fix the Debt is a coalition of more than 80 CEOs who claim they know best how to deal with our nations fiscal challenges. The group boasts a $60 million budget just for the initial phase of a massive media and lobbying campaign.
The irony is that CEOs in the coalitions leadership have been major contributors to the national debt they now claim to know how to fix. These are guys whove mastered every tax-dodging trick in the book. And now that theyve boosted their corporate profits by draining the public treasury, how do they propose we put our fiscal house back in order? By squeezing programs for the poor and elderly, including Social Security, Medicare, and Medicaid.
Fix the Debt claims their agenda is not just about spending cuts. But when it comes to their tax proposals, they use the slippery term pro-growth reform to push for cuts in deductions that are likely to include credits for working families and you guessed it more corporate tax breaks. Chief among these is a proposal to switch to a territorial system under which corporate foreign earnings would be permanently exempted (instead of being taxed when they are returned to America).
This idea, also supported by the Bowles-Simpson deficit commission, would make it even more profitable for big corporations to use accounting tricks to disguise U.S. profits as income earned in tax havens. Citizens for Tax Justice estimates that such tax haven abuse will cost the Treasury more than $1 trillion over the next decade....MORE
1. Jeffrey Immelt, General Electric
2. Jim McNerney, Boeing
3. Lloyd Blankfein, Goldman Sachs
4. Brian T. Moynihan, Bank of America
5. David Cote, Honeywell Corporation
6. Randall Stephenson, AT&T
7. Arne Sorenson, Marriott International
8. Alexander Cutler, Eaton Corporation
9. Lowell McAdam, Verizon
10. Steve Ballmer, Microsoft
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Weekend Economists Under the Influence of Saturn, November 16-18, 2012 [View all]
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