Corporate Tax Escapees and You

From Common Dreams: http://www.commondreams.org/view/2011/07/11-14

by Ralph Nader
Published on Monday, July 11, 2011 by CommonDreams.org

The all-consuming Washington, D.C. wrangling over debts and deficits, spending and taxing is excluding a large reality of how these financial problems can sensibly and fairly be addressed. These blinders in Congress and the White House come from fact-starved ideologies–mostly from the Republicans–and fear-fed meekness–mostly from the Democrats. Both are furiously dialing for commercial campaign cash.

Take the gigantic world of corporate tax avoidance. Ronald Reagan signed the Tax Reform Act of 1986 that was designed to increase corporate tax revenues by over 30 percent. Today, President Obama wants to diminish or delete some tax loopholes (technically called tax expenditures) for large corporations, but let most of the revenues be cancelled out by lowering the corporate tax rates. How the world changes.
Obama’s mild approach is unacceptable to the big business lobbies and their Republican mascots in Congress.

They want more tax breaks so they can keep trillions of more dollars over the next decade.

Lost in this whirl of vast greed and political calculation are options, which if pursued with a sense of fairness for the people of the country, would go a long way in providing revenues for public works jobs–repairing America–which in turn would generate more consumer demand by these workers.

The ultra-accurate Citizens for Tax Justice (CTJ) publishes precise reports on the effective taxes paid by corporations that make an utter mockery of the 35 percent statutory tax rate for corporations (see CTJ.org).

Continue reading at:  http://www.commondreams.org/view/2011/07/11-14

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