Lobbyists Feign Budget 'Fix': Trojan Horse Filled with Corporate Tax Breaks

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http://www.commondreams.org/headline/2012/11/13-9



With ‘Fix the Debt’ CEOs are trying to "pass themselves off as noble leaders who are willing to compromise in order the save America from financial ruin,” but are actually "leveraging the 'Fiscal Cliff'" in order to push age old attempts to avoid paying taxes at the expense of those in need, says report co-authors Scott Klinger and Sarah Anderson.

The campaign’s ads are already appearing in places such as The Washington Post’s website but are are expected to "fill our airwaves."

The key findings of the report also include:

The 63 Fix the Debt companies that are publicly held stand to gain as much as $134 billion in windfalls if Congress approves one of their main proposals — a “territorial tax system,” in which companies would not have to pay U.S. federal income taxes on foreign earnings when they bring the profits back to the United States.
The CEOs backing Fix the Debt personally received a combined total of $41 million in savings last year thanks to the Bush-era tax cuts.
Of the 63 Fix the Debt CEOs at publicly held firms, 24 received more in compensation last year than their corporations paid in federal corporate income taxes.