One of Brian’s Favorite Quotes
I make no secret of changing my mind on one or two important issues… .I‘ve never thought it a virtue to adopt a position and try to get famous as a person who defends that position, like a purveyor of a brand name, like you‘re selling cornflakes.”
— Hilary Putnam
The Philosophers’ Magazine, Summer 2001
Bernie Sanders seeks to crackdown on corporate taxation havens
Independent Sen. Bernie Sanders of Vermont on Thursday announced new legislation directed during preventing companies from regulating offshore havens to reduce their taxes.
“If we are going to be critical about necessity reduction, corporate America — that is now enjoying record violation profits — is going to have to step adult to a plate,” he pronounced during a press conference. “We are not going to change a check on a backs of a elderly, a children, a sick, or a poor.”
The Corporate Tax Fairness Act would need companies to compensate U.S. taxes on their offshore profits as they are earned. Currently, companies can defer U.S. income taxes on abroad profits as prolonged as a income is hold overseas. The check would also extent unfamiliar tax credits, and moment down on companies that explain to be a unfamiliar association by purchasing a post bureau box in another country.
“Every year companies and a rich are avoiding some-more than $100 billion in U.S. taxes by sheltering their income in a Cayman Islands, Bermuda, and other offshore tax havens,” Sanders said, observant a comparatively small, four-story building in a Cayman Islands was home to some-more than 18,000 corporations.
“The Joint Committee on Taxation has estimated in a past that a supplies in this check will lift some-more than $590 billion in income over a subsequent decade,” he added.
Watch video, uploaded to YouTube by SenatorSanders, below: