Bernie Sanders Introduces Bill to Prevent Corporate Tax Dodging - Polidicks

[quote] WASHINGTON, March 9 – Citing new evidence that many profitable corporations evade paying any U.S. income taxes, Sens. Bernie Sanders (I-Vt.) and Brian Schatz (D-Hawaii) Thursday introduced a bill to eliminate tax breaks that encourage corporations to shift jobs and profits offshore. Rep. Jan Schakowsky (D-Ill.) introduced a companion bill in the House. In addition to closing loopholes, the Corporate Tax Dodging Prevention Act would tax the $2.4 trillion that American corporations currently hold offshore at the full corporate tax rate of 35 percent. The Institute on Taxation and Economic Policy released a report Thursday showing that 100 large, profitable corporations paid zero or less in federal income taxes at least once in the last eight years. Eighteen corporations, including General Electric, International Paper, Priceline.com and PG&E, received tax refunds from the IRS on their combined profits from 2008 to 2015. The study also found that 48 corporations paid an effective tax rate of less than 10 percent over that period. On average, large, profitable corporations in the United States paid an effective federal income tax rate of 21.2 percent over the eight-year period, slightly over half than the statutory 35 percent tax rate. “Here’s the simple truth. You can’t be an American company only when it benefits you. You also have to be an American company when it comes to paying your fair share of taxes,” Sanders said. “Instead of giving a $550 billion tax break to corporate tax dodgers as President Trump has proposed, our legislation will raise at least $1 trillion in new revenue over the next decade.” “Every year, we give over $100 billion in tax breaks to multinational corporations that send profits and jobs overseas,” said Schakowsky. “The Corporate Tax Dodging Prevention Act closes those loopholes and makes multinational corporations pay the taxes they already owe on offshore profits. I am proud to join Sens. Sanders and Schatz in our effort to make our tax code fairer and generate much-needed revenue to invest in priorities for America’s working families.” The legislation would end the rule allowing American corporations to avoid paying U.S. taxes on profits they hold offshore. This would end the incentive for companies to stash profits in tax havens like Bermuda and the Cayman Islands. [/Quote] [URL="https://www.sanders.senate.gov/newsroom/press-releases/sanders-schatz-shakowsky-introduce-bill-to-prevent-corporate-tax-dodging"]Bernie Sanders Senatorial Site [/URL]

I doubt it will pass, but good on him for trying

If this starts having problems getting support in congress I'll call up my state's reps/senators myself and badger them about it until they do something. I'm all for businesses being successful, but that also ought to entail giving back into the community and paying their fair share in taxes instead of being greedy fucks who just want to line their own pockets EVEN MORE and essentially have an unimaginably large amount of capital go to waste sitting in some stupid protected offshore account.

[QUOTE] the Corporate Tax Dodging Prevention Act would tax the $2.4 trillion that American corporations currently hold offshore at the full corporate tax rate of 35 percent. [/QUOTE] It pains me knowing that this bill is doomed to fail.

[QUOTE]In addition to closing loopholes, the Corporate Tax Dodging Prevention Act would tax the $2.4 trillion that American corporations currently hold offshore at the full corporate tax rate of 35 percent.[/QUOTE] Wanna fix America's economy? Get those money back. It's boggles my mind that this much money are just sitting in some greedy cunts pockets, holy fuck.

Let's go Bern-man, even if this doesn't go all the way, start more conversations about it. Here's hopin'.

Can't wait for corporate democrats like Cory Booker to backstab Bernie [yet again] on this bill

[quote]In addition to closing loopholes, the Corporate Tax Dodging Prevention Act would tax the $2.4 trillion that American corporations currently hold offshore at the full corporate tax rate of 35 percent.[/quote] this is half the fucking problem with the world, honestly.

Don't worry guys, President Trump is here to drain the swamp and get the corruption out of Washington. I'm sure this'll pass without any issues.

I think the fact that everyone and their mother will read this and immediately know it doesn't even have a slim chance of passing just goes to show how blatantly corrupt and corporate our government is, democrat or republican

[QUOTE=Bird;51936399]These commonsense bills are crucial if the US is going to have a functioning democracy. Every time one is introduced it either gets something done or gives an opportunity to expose corporate politicians.[/QUOTE] We also need to actually start punishing the people who are behind it. That's the current problem with this administration and the government surrounding it: apparently they can do just about anything they want no matter the legality or moral/ethical consequences of it, and nothing will be done to punish them for either being absolutely corrupt sacks of shit or just irresponsible assholes who have no business doing much more with their lives other than [i]maybe[/i] working at a churro stand in a mall somewhere (or both). They can lie to the people, engage in deals behind our backs, shirk their duties all they want, and nothing is done to them or will likely ever be done to them. The law won't do anything to them anyway. Exposing corruption is great. It's ultimately meaningless though unless it leads to action being taken against those who engage in it. Nobody cares... until they're forced to deal with harsh consequences. Then they shape up in a hurry.

[QUOTE=RainbowStalin;51936409]Don't worry guys, President Trump is here to drain the swamp and get the corruption out of Washington. I'm sure this'll pass without any issues.[/QUOTE] But he just meant the [i]political[/i] corruption! Corporate corruption is just smart business! /s Really, though, that's what a lot of people actually believe.

This wouldn't have done too much good since those corporations are evading tax because it's too high in the first place, if the laffer curve is to be believed The laffer curve relies on speculation but 35% is a pretty damn hefty tax any way you look at it, some corporations would rather pull out of a market than pay it if the informal sector wasn't available Obviously it's hard to say but this bill passing could potentially even lower the income the US gov has from CIT Although again that's purely speculation, it would be really hard to determine since the laffer curve is more a concept than a model

Ah man, fuck the DNC for backing Hilary. This man should've been president.

Guys, gals, kick and scream until this passes. If it doesn't, kick and scream harder. If not, burn it all to the ground. /s Seriously though this REALLY needs to pass. Fuck the greedy cunts who want to avoid paying their fair share.

It'd be cheaper for most corporations to move out of country at that point.

Bernie is the wrecking ball the US gov't needed, not trump. An insider can do far more damage to the status quo than an outsider. Even if he isn't successful- the show of hope and never giving up is worth it alone.

This is going to be great ammunition come 2020. If GOP or Dem runs for office having voted against this, they'll be hit hard with "so and so voted AGAINST the Corporate Tax Dodging Prevention Act! He/she's helping corporations hide money overseas! He/she is status quo and cannot be trusted!"

[QUOTE=RenegadeCop;51936728]I would love to see all these corporations try to pull out from one of the most safe and stable markets on earth, if not THE most stable market on earth.[/QUOTE] Huge increases in tax expenditure aren't exactly stable or safe as far as profits are concerned. Whether it is the best, or even the second best is very arguable, bill aside. And it's not like it hasn't happened before either.

[QUOTE=SirJon;51936531]This wouldn't have done too much good since those corporations are evading tax because it's too high in the first place, if the laffer curve is to be believed The laffer curve relies on speculation but 35% is a pretty damn hefty tax any way you look at it, some corporations would rather pull out of a market than pay it if the informal sector wasn't available Obviously it's hard to say but this bill passing could potentially even lower the income the US gov has from CIT Although again that's purely speculation, it would be really hard to determine since the laffer curve is more a concept than a model[/QUOTE] how to misuse the laffer curve in a nutshell edit: im playing a game so it'll be short but i'll add more. The laffer curve is about how you maximize government revenue, and empirically 35% is faaar on the left side. Though corporate income tax is still shit imo it has nothing to do with the laffer curve.

[QUOTE=thelurker1234;51936828]how to misuse the laffer curve in a nutshell edit: im playing a game so it'll be short but i'll add more. The laffer curve is about how you maximize government revenue, and empirically 35% is faaar on the left side. Though corporate income tax is still shit imo it has nothing to do with the laffer curve.[/QUOTE] Perhaps you'd like you elaborate rather than do the usual thing anybody ever does when the laffer curve is uncomfortable? Edit: Perhaps you would like to re-read my post. The laffer curve is not inherently based off of empirical data when used in the context of economic aggregates, such as CIT. That's mostly why it's such a controversial topic in academic circles and politics alike.

[QUOTE=SirJon;51936841]Perhaps you'd like you elaborate rather than do the usual thing anybody ever does when the laffer curve is uncomfortable? Edit: Perhaps you would like to re-read my post. The laffer curve is not inherently based off of empirical data when used in the context of economical aggregates, such as CIT.[/QUOTE] the laffer curve has to deal with an increase or decrease in economic activity. tax evasion has nothing to do with it. hell a big chunk of what bernie wants to strike out is intentional ways for corporations to pay less taxes. Tax breaks and loopholes aren't accidents, every one is deliberate and has a backstory.

[QUOTE=thelurker1234;51936862]the laffer curve has to deal with an increase or decrease in economic activity. [I]tax evasion has nothing to do with it. [/I] hell a big chunk of what bernie wants to strike out is intentional ways for corporations to pay less taxes. Tax breaks and loopholes aren't accidents, every one is deliberate and has a backstory.[/QUOTE] That is simply untrue. One of the basic assumptions of the laffer curve is that an in-optimal taxation rate will cause, [I]among others[/I], an increase in informal sector activity. I can point you to a citation but unfortunately it is in Polish. "Market Systems" by Mieczysław Nasiłowski, page 251

[QUOTE=SirJon;51936869]That is simply untrue. One of the basic assumptions of the laffer curve is that an in-optimal taxation rate will cause, [I]among others[/I], an increase in informal sector activity.[/QUOTE] It's a little more complicated than just companies magically slipping into the informal market but. idk what we're even arguing tbh. I think i just misread your first post at least we seem to agree CIT is bad though 😎

even if this somehow gets past the senate its gonna die on trumps desk seeing as he will then actually have to pay his taxes

What does he mean by "tax dodgers"? There are economic reasons why some people or corporations are not paying taxes.

[QUOTE=Pantz Master;51937078]What does he mean by "tax dodgers"? There are [B]economic reasons[/B] why some people or corporations are not paying taxes.[/QUOTE] Tell me what are those so-called "economic reasons"?

[QUOTE=Chaitin;51937098]Tell me what are those so-called "economic reasons"?[/QUOTE] They made the money outside of the US, they keep the money outside of the US, and then don't pay US taxes on that money. This is called a "loophole" or "tax dodging" when it's really just doing exactly what the law says they're allowed to do.

[QUOTE=Chaitin;51937098]Tell me what are those so-called "economic reasons"?[/QUOTE] Taxes can stifle job creation in certain circumstances. Some tax "loopholes" are made explicitly to prevent jobs from being threatened by high taxes.

[QUOTE=Pantz Master;51937142]Taxes can stifle job creation in certain circumstances. Some tax "loopholes" are made explicitly to prevent jobs from being threatened by high taxes.[/QUOTE] that said, no company should ever be allowed to not pay school taxes, i dont care what they do but corps get away with cutting deals that let them dodge all local and state taxes which leaves schools underfunded