Thursday, February 7, 2013

A Bill is Introduced to End Offshore Tax Havens

Time Magazine: When the Tax Justice Network issued a report last year, it estimated that somewhere between $21 to $32 trillion in wealth was unreported and shielded from taxation from various governments.

Senator Bernie Sanders on Thursday, February 7, 2013 introduced a bill to stop profitable corporations from sheltering income in the Cayman Islands and other tax havens.

The legislation also would end tax breaks for companies that ship jobs and factories overseas.

Sanders’ bill and a companion measure to be introduced in the House by Rep. Jan Schakowsky would yield more than $590 billion in revenue over the next decade, according to the Joint Committee on Taxation.

“At a time when we have a $16.5 trillion national debt and an unsustainable federal deficit; at a time when roughly one-quarter of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high, it is past time for corporate America to contribute significantly to deficit reduction,” said Sanders, a member of the Senate Budget Committee. Source

Senator Bernie Sanders: "We have the most unequal distribution of wealth and income of any major country on earth, and it's worse today in the United States than at any time since 1928 -- since before the Great Depression."

The Ugland House of Grand Cayman Island (pictured below) houses the office of the Cayman's largest law firm, Maples and Calder -- and is the registered office of some 18,000 companies using tax shelters. Photo: Reuters

The Atlantic: "Loopholes, poor regulations, and off-shore havens allow corporations and the very wealthy to draw on the benefits of a strong nation-state without fully paying back in, eroding a system that's less tested than we might think."

BELOW: Senator Bernie Sanders on The Ed Show

Also, from 2011 - Bernie Sanders' Top 10 Tax Avoiders (Google Bud Meyers tax evasion)

1 comment:

  1. I propose that companies like Apple and Microsoft bring back 1 million jobs from Foxconn (in China) and hire 1 million Americans in the United States --- and pay them at least $15 an hour --- or tax the companies $31,200 a year for every foreign employee they have overseas.