83 of the 100 largest U.S. companies operate subsidiaries in nations that the government watchdog considers tax havens.
corporate titans and their lobbyists appear poised for a big victory at the expense of the American middle class.
high-powered corporate lobbyists are using tax reform negotiations to push for more offshore tax breaks and official federal forgiveness for tax avoidance schemes.
pledged to actively reduce corporate taxes in his fiscal 2012 budget proposal, which would also do away with or fundamentally change key social services, including Medicare.
The corporate tax reform proposed by the commission would permanently push popular offshore tax shelters beyond the reach of Uncle Sam -- very bad news for legislators, economists and average citizens hoping to see big companies play a bigger role in helping to narrow the budget gap
The push for lower corporate tax rates comes during a flush time for corporate America.
Overall corporate taxes as a share of GDP are hovering around one percent, the lowest share of GDP since World War II.
At a time when cuts to access to college, cuts to scientific research are on the table, it makes no sense to take corporate taxes off the table
the average American company actually pays a tax rate of just 13.4 percent -- lower, for example, than France, Portugal, Spain, Japan, Canada, and Switzerland, and less than half the average rate paid in the United Kingdom and Australia. This, despite the fact that, according to the study, the U.S. had one of the highest official rates in the industrialized world.
Tax experts say that no meaningful corporate tax overhaul, revenue neutral or otherwise, can allow companies to continue stashing money in offshore tax havens-- a creative accounting tactic that allows big firms to avoid paying $50 billion in taxes every year, according to the U.S. Treasury.
Gauging the specific amount of taxes lost to offshore accounts is difficult, however, and reform advocates say the number could be even bigger.
Companies can register profitable enterprises at an address in the Cayman Islands-- even if it actually does business on Wall Street -- and voila: so long as companies leave their profits in the Caribbean, their taxes can be "deferred" indefinitely.
Big Business Dominating Tax Reform Talks
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Revolution is clearly needed. a revolution to counter republican tax defrauding scheme.
Register third oarty, vote third party.
