[GPSCC-chat] Fw: Sen. Sanders introduces bill to end huge corporate tax giveaway (ThinkProgress)

[Caroline Yacoub]

Did anybody think about starting a petition to back this?



----- Forwarded Message ----
From: shane que hee <squehee at ucla.edu>
Sent: Fri, February 8, 2013 3:12:24 PM
Subject: Sen. Sanders introduces bill to end huge corporate tax giveaway 
(ThinkProgress)


> Date: Fri, 8 Feb 2013 09:03:51 -0800 (PST)
> From: Scott McLarty <scottmclarty at yahoo.com>
> Reply-To: Scott McLarty <scottmclarty at yahoo.com>
> Subject: Sen. Sanders introduces bill to end huge corporate tax giveaway 
>(ThinkProgress)
> 
> 
> Senator Introduces Bill To End Huge Corporate Tax Giveaway
> By Pat Garofalo ThinkProgress, February 7, 2013 
>http://thinkprogress.org/economy/2013/02/07/1554221/sanders-corporate-tax-bill/ 
>
> 
> Corporations offshoring profits costs both the federal government and states 
>billions of dollars per year. One of the more egregious giveaways is known as 
>“deferral,” which allows U.S. corporations to avoid paying taxes on overseas 
>profits until they bring that money back to the U.S., giving them every 
>incentive to leave it overseas permanently. According to the Congressional 
>Budget Office, “The current tax system provides incentives for U.S. firms to 
>locate their production facilities in countries with low taxes as a way to 
>reduce their tax liability at home,” ultimately resulting in compensation for 
>U.S. workers being lower. Sen. Bernie Sanders (I-VT) is introducing a bill today 
>that would end this practice and close several other corporate tax loopholes: 
>||| Under this legislation, corporations would pay U.S. taxes on their offshore 
>profits as they are earned. This legislation takes away the tax incentives for 
>corporations to move jobs offshore or to shift profits offshore because the U.S. 
>would tax their profits no matter where they are generated. Under the Corporate 
>Tax Fairness Act, U.S. corporations would continue to get a credit against their 
>U.S. taxes for foreign taxes they pay. That means that when an American 
>corporation has profits in a country with lower corporate taxes than the U.S., 
>they would pay the federal government the difference between the foreign rate 
>and the U.S. rate. When an American corporation has profits in a country with 
>higher corporate taxes than the U.S., they would pay nothing to the U.S. ||| 
>According to the Joint Committee on Taxation, “the provisions in this bill will 
>raise more than $590 billion in revenue over the next decade.” Due to the 
>proliferation of loopholes, credits, and the use of tax havens, major 
>corporations haven’t paid the full statutory tax rate in 45 years. In 2011, the 
>12.1 percent effective rate that corporations paid was the lowest in 40 years.
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