Democrats and Republicans Are Quietly Planning a Corporate Giveaway — to the Tune of $400 Billion

[think]

Democrats and Republicans Are Quietly Planning a Corporate Giveaway — to the Tune of $400 Billion

Why isn’t anyone talking about it?

BY WILLIAM GREIDER | MARCH 7, 2016

Young people are the good news of 2016. They see the stressful realities of American life more clearly than their elders and are rallying around the straight talk of Bernie Sanders. Meanwhile, the big hitters back in Washington politics are working on an ugly surprise not just for the kids but for all of us — another monster tax break for US multinational corporations.

The bad news is that key leaders of the Democratic Party — including the president — are getting on board with Republicans, despite some talk about confronting income inequality. Influential Democrats intend to negotiate with Republican counterparts on the size and terms of post-facto tax “forgiveness” for America’s globalized companies. This is real money they’re talking about — a giveaway of hundreds of billions.

Why haven’t voters heard about this from candidates? Because Republicans and Democrats both know it would make angry voters even angrier.

The major multinationals complain about a tax problem that most citizens would love to have for themselves: Thanks to a loophole in the tax code, the companies do not have to pay US taxes on profits they have earned in foreign countries until they bring the money home to American shores. Altogether, the globalized US companies have accumulated $2.1 trillion in untaxed profits, most of it parked in overseas tax havens.

The multinationals are waiting for Congress to forgive them their debts...

Read more:
http://billmoyers.com/story/democrats-and-republicans-are-quietly-planning-a-corporate-giveaway-to-the-tune-of-400-billion/

[nationalize the fed]

1. k&r

This is an ongoing outrage.

Google receives $8 BILLION/yr in profits at PO Box 666, Bermuda tax haven- 0% Corporate Tax rate
The post box in Bermuda numbered 666 which receives Google profits worth £8BILLION a year

Tim Sculthorpe, Mailonline Deputy Political Editor
Published: 31 January 2016

*Google has no offices or staff in Bermuda but sends billions of profit there
*Island has a 0 per cent rate of corporation tax and is used as a tax haven
*But Google claims it has no 'permanent base' in the UK despite vast offices
*Britain lobbied EU not to put sanctions on Bermuda for sheltering tax



Web: This is Google's complicated web of holding companies that allows the web giant to reduce its international tax bill. Google US has set up two Irish companies, one of which revolves around a PO Box numbered 666 based in Bermuda, with a middle company in the Netherlands

http://www.democraticunderground.com/10027659842
http://www.dailymail.co.uk/news/article-3425097/Don-t-evil-Google-sends-profits-worth-8BILLION-year-post-box-number-666-tax-haven-island-Bermuda.html

FACEBOOK PAYS JUST 4% ON ITS CORPORATION TAX BILLS AROUND THE WORLD

Facebook's fractional corporate tax bills are set to fuel a scandal over corporate tax avoidance.

The social media giant paid £4,327 in UK corporation tax in 2014 - despite revenues in Britain of more than £700million.

And it has emerged it paid just £86million to all tax authorities outside the United States despite reeling in profits of around £2.4 billion.

The figures suggest Facebook pays around 4 per cent in corporation tax around the world

[Wounded Bear]

2. Conserves whine all the time about 'high corp tax rates'...

but fall strangely quiet when these off-shore tax avoidance scams are mentioned.

[MisterP]

4. they whine about teen pregnancy, siphilis, and gonorrhea,

and then propose even tighter abstinence only, if that

[leftstreet]

3. DURec

[Guy Whitey Corngood]

5. K&R. nt