Feb 082013
 

Whenever the subject turns to economic fairness, currently skewed beyond recognition by the Republican War on the poor and Middle classes, you can always count on Bernie Sanders to side with the American people against Republican Plutocons, to speak the truth against Republican lies, and to offer solutions that are fair and spot-on.

8offshore-tax-havensLiberal Sen. Bernie Sanders (I-Vt.) and Rep. Jan Schakowsky (D-Ill.) on Thursday announced new legislation to require multinational corporations to pay hundreds of billions in new taxes.

Their bill would stop companies from deferring tax payments on profits earned abroad. Currently taxes only need to be paid when the profits are repatriated and many companies have kept capital overseas for years to avoid tax penalties. This had led to some calls for a tax holiday to encourage companies to bring capital back to the U.S.

Sanders and Schakowsky said their bill would raise $590 billion over ten year according to a Joint Committee on Taxation analysis.

“It is past time for corporate America to contribute significantly to deficit reduction,” said Sanders in a statement…

…Under the bill, companies would pay U.S. taxes as profits are earned and they would still be able to deduct the value of taxes paid to foreign governments… [emphasis added]

Inserted from <The Hill>

Photo credit: The Stand

Because they could actually deduct taxes paid abroad, the Republican claim that this bill will double-tax companies is untrue.

Ed Schultz and Bernie discussed the bill.

 

Visit NBCNews.com for breaking news, world news, and news about the economy

Corporations pay the smallest portion of revenue here than everywhere in the industrialized world and one fourth of profitable corporations pay no taxes at all. Republicans say we have a spending problem, but in even with a GDP hamstrung by the Republican Recession, revenue, as a percentage of GDP, is a record low.  So go for it!  Drop the Bernie bomb!

Sadly, my hops for passage in the Senate is not high, because the Nevada Leg Hound, Harry Reid, betrayed us all by not significantly reforming the filibuster, when he had the votes to do so.

Share

  21 Responses to “Drop the Bernie Bomb!”

  1. Corporations pay the smallest portion of revenue here than everywhere in the industrialized world and one fourth of profitable corporations pay no taxes at all.

    As I was born a Green Mountain Boy, I fully support Senator Bernie Sanders and his efforts to hold multinational corporations accountable…

  2. Bernie is a true American Hero, without a doubt.

  3. I' glad to see the Champion for the American People, Sen. Bernie Sanders is still at it.

    I support him and Sen. Jan Schakowsky all the way on this. It's about time they paid some taxes on the billions in profits they earn every year.

  4. I utterly adore Bernie Sanders and wish all politicians were like him!

  5. I love Bernie Sanders and if he ever runs for president, he has my vote.  His common sense and compassion are huge. 

  6. The sad thing is that I see no one in the wings ready, willing and able to pick up the liberal banner that Bernie ha so masterfully carried all these years.

    If we hope to the move the Overton Window in a progressive direction, we need lots more Bernies!

    • On a more focused response …

      If I, as a USA citizen, were working in Europe – I would still be required by law to pay USA income taxes.

      If, as repubicans claim, that "Corporations are people too,  my friend" …

      Then WHY THE HELL SHOULD THEY NOT ALSO BE REQUIRED TO PAY USA TAXES?

  7. As usual, Bernie Sanders is spot on!  The only reason Boehner might think that this is double taxation is because he is in his cups and is vision is blurry.

    As Nameless has pointed out, an American citizen working overseas is still required to pay US income taxes (remember the tech nerd fellow who gave up his US citizenship because he didn't want to pay taxes on his investment when he sold his company last year? — he's no longer a US citizen, but the IRS may yet win).  Since corporations are people under the Citizens United decision, then they too should pay US taxes. And as Bernie has stated, any foreign tax paid is a deduction, and rightfully so.

  8. I love Bernie, and wish he were my senator.