Corporations Calling To ‘Fix The Debt’ Want $134 Billion In Tax Breaks

[highplainsdem]

Source: ThinkProgress

Ahead of negotiations over the so-called “fiscal cliff” and what promises to be another fight over raising the debt ceiling, 63 CEOs representing the largest U.S. corporations, including several Wall Street firms, launched a campaign to supposedly “fix the debt.” However, this campaign calls for additional corporate tax cuts by switching the U.S. to what’s known as a “territorial” corporate tax system, along the lines of that proposed by Mitt Romney.

According to a report by Institute for Policy Studies, the corporations involved could gain up to $134 billion in windfalls if Congress approves such a system, which exempts foreign earnings from the U.S. corporate income tax:

– The 63 companies that are publicly held could gain up to $134 billion in windfalls. The biggest potential winner is General Electric, which would earn $35.7 billion on its overseas earnings of $102 billion.

-snip-

Read more: http://thinkprogress.org/economy/2012/11/13/1179931/corporations-fix-the-debt/

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Direct link to the page about the report, at the Institute for Policy Studies website

http://www.ips-dc.org/reports/ceo-campaign-to-fix-the-debt/

where you can find a link to download the PDF file of the full report.

[juajen]

1. OMG, they have no shame.

[valerief]

4. Shame, like taxes, is for the hoi polloi, apparently. nt

[octoberlib]

2. This is despicable nt

[Angry Dragon]

3. United Corporations against America

[Monk06]

5. Time for a 15% flat rate, no exemptions, no excuses INTERNATIONAL CORPORATE INCOME TAX

NOT PROFIT. INCOME.

[ReRe]

6. Gall. Pure-T-Gall

I would laugh in their faces and tell them to get out.

[marble falls]

7. They have sympathy with the voters. They need to pay taxes on all income and a lot more of it.

[Rain Mcloud]

8. Occam's Razor applied

we treat them the way that they do their valued customers.
30% and late penalties and if they go over a set limit then we start seizure proceedings and auction the assets to pay back the amount owed.
What is grit for the goose is grit for the gander.

[lark]

9. Not merely NO

but f*** NO. We need to do the opposite, make all profits from overseas taxable at our rates. Create higher tax rates that apply for every job moved overseas. On the other hand, if they move decent jobs back here, they should get tax breaks for that for helping the American economy and America workers.All they want is more $$ to move jobs overseas whereby workers are paid zilch and have no benefits whatsoever. Obama would do well not to ignore their self serving drivel.

[FiveGoodMen]

10. Who's running this country?

It's supposed to be us, but it appears to be the corporations.

There's a name for when that happens...

Wait... wait... almost got it...

[Megahurtz]

11. Those Corporations Can Afford to Take the Hit.

They can merely withdraw it from one of their many numerous hidden offshore accounts. And how dare they try to take from those less fortunate than them.