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.
Liberal 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.
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.