The Corporate Pirates Assaulting Social Security

[Triana]

. . .

The CEOs of America’s biggest corporations, the new IPS Corporate Pirates of the Caribbean report shows, have been parking billions in overseas tax havens throughout the Caribbean. Now they’re “brazenly seeking to widen tax haven loopholes” with a full-court press on behalf of a tax “reform” they call a “territorial tax system.”

At the end of 2012, the CEOs of ‘Fix the Debt’ companies had $544 billion in profits sitting overseas.

This “reform” would permanently exempt the foreign earnings of U.S. corporations from U.S. federal income taxes — and give these corporations even more of an incentive to play the accounting games that shift U.S. profits offshore.

The 59 U.S. corporations that belong to “Fix the Debt,” the lobby group pushing for austerity cuts to Social Security, are already shifting plenty. At the end of 2012, the CEOs of these companies had $544 billion in profits sitting overseas, up 15 percent over the $473 billion offshore at the end of 2011.

These profits, point out Corporate Pirates authors Sarah Anderson, Scott Klinger, and Javier Rojo, currently don’t face any U.S. corporate income tax unless they’re brought back stateside. If America’s top CEOs get Congress to swallow a territorial tax system, Corporate Pirates reveals, their corporations could win “as much as $173 billion in immediate tax windfalls.”

MORE:

http://inequality.org/pirates-assaulting-social-security/


RELATED DU THREAD: http://www.democraticunderground.com/1014509884

MORE on this subject:

The Great American Retirement Scam: Why The Wealthiest CEO's In America Want To Take Away Your Social Security:
http://www.forbes.com/sites/rickungar/2012/11/28/the-great-american-retirement-scam-why-the-wealthiest-ceos-in-america-want-to-take-away-your-social-security/

Wages and Social Security:
http://www.epi.org/blog/wages-social-security/

The five biggest lies about entitlement programs:
http://www.latimes.com/business/la-fi-hiltzik-20130310,0,883000,full.column

"Fix the Debt", Exposed:
http://www.sourcewatch.org/index.php?title=Portal:Fix_the_Debt

[flamingdem]

1. Thanks, this is very important

and I'm not sure many people understand the implications or just how much is being gotten away with here..

[octoberlib]

2. Well , Ed Rendell , who's on the board of Fix The Debt and Hillary

are best buddies. He was on Chris Matthews and said if she runs he'd like to help with her campaign. She needs to distance herself from this scumbag. More and more I'm finding I don't want our candidate in 2016 to be Hillary.

[Enthusiast]

5. She's worse than meh.....nt

[dixiegrrrrl]

3. all that money sitting in virtual accounts....

hmmmmm....what we need is a Robin Hood hacker.

[msongs]

4. too bad democratic party and political democrats have sold out to corporations eh? nt

[Egalitarian Thug]

6. There are minimally disruptive ways of forcing repatriation of our currency.

If only we had the will to actually solve any of our problems.
& R