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Corporate inversions are 'nothing less than a tax scam,' says Sanders
Where does your candidate stand on US corporations moving profits offshore?
'Enough is Enough': Sanders Demands Treasury Block Pfizer Tax Dodging Deal
Corporate inversions are 'nothing less than a tax scam,' says Sanders
by Deirdre Fulton, staff writer
CommonDreams, March 18, 2016
In a bid to prevent what has been called the biggest tax evasion scheme of its kind—and others like it—Sen. Bernie Sanders of Vermont has urged U.S. Treasury Secretary Jack Lew to use his agency's authority to block the planned merger of two pharmaceutical giants.
Viagra-maker Pfizer's proposal to acquire Allergan, which manufactures Botox, is "nothing less than a tax scam," Sanders wrote in a letter (pdf) sent to Lew on Friday.
The so-called "corporate inversion," which would allow Pfizer to profit from a lower corporate tax rate in Allergan's home country of Ireland, could starve the U.S. government of up to $35 billion in tax revenue, Sanders said, citing a recent report from consumer group Americans for Tax Fairness.
"Enough is enough," Sanders said in a statement on Friday. "Pfizer and other pharmaceutical companies cannot be allowed evade taxes and rip off American patients who already pay the highest prices in the world for prescription drugs."
"The stakes are high," wrote the Democratic presidential candidate. "I find it ironic that some of my Republican colleagues, in their internal budget negotiations, claim that $30 billion in deficit-reduction is required for the coming fiscal year. Preventing the inversion planned by just one company, Pfizer, could produce more deficit-reduction than the cuts they are demanding."
CONTINUED w/links, sources for those interested in fact...
http://www.commondreams.org/news/2016/03/18/enough-enough-sanders-demands-treasury-block-pfizer-tax-dodging-deal
Corporate inversions are 'nothing less than a tax scam,' says Sanders
by Deirdre Fulton, staff writer
CommonDreams, March 18, 2016
In a bid to prevent what has been called the biggest tax evasion scheme of its kind—and others like it—Sen. Bernie Sanders of Vermont has urged U.S. Treasury Secretary Jack Lew to use his agency's authority to block the planned merger of two pharmaceutical giants.
Viagra-maker Pfizer's proposal to acquire Allergan, which manufactures Botox, is "nothing less than a tax scam," Sanders wrote in a letter (pdf) sent to Lew on Friday.
The so-called "corporate inversion," which would allow Pfizer to profit from a lower corporate tax rate in Allergan's home country of Ireland, could starve the U.S. government of up to $35 billion in tax revenue, Sanders said, citing a recent report from consumer group Americans for Tax Fairness.
"Enough is enough," Sanders said in a statement on Friday. "Pfizer and other pharmaceutical companies cannot be allowed evade taxes and rip off American patients who already pay the highest prices in the world for prescription drugs."
"The stakes are high," wrote the Democratic presidential candidate. "I find it ironic that some of my Republican colleagues, in their internal budget negotiations, claim that $30 billion in deficit-reduction is required for the coming fiscal year. Preventing the inversion planned by just one company, Pfizer, could produce more deficit-reduction than the cuts they are demanding."
CONTINUED w/links, sources for those interested in fact...
http://www.commondreams.org/news/2016/03/18/enough-enough-sanders-demands-treasury-block-pfizer-tax-dodging-deal
What's in your wallet? I mean what was in your wallet -- before Washington got put in the back pocket of the corporations?
13 replies
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= new reply since forum marked as read
It's not like landing on the moon. We have the technology. We know who they are. We know where they have hidden the loot.
[font size="1"]"Conspiratorial Wink" (detail) by Michael Samuels[/font size]
On My Mind
Tax Offshore Wealth Sitting In First World Banks
James S. Henry
07.01.10, 09:00 AM EDT
Forbes Magazine dated July 19, 2010
Let's tax offshore private wealth.
How can we get the world's wealthiest scoundrels--arms dealers, dictators, drug barons, tax evaders--to help us pay for the soaring costs of deficits, disaster relief, climate change and development? Simple: Levy a modest withholding tax on untaxed private offshore loot.
Many aboveground economies around the world are struggling, but the economic underground is booming. By my estimate, there is $15 trillion to $20 trillion in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed.
SNIP...
This wealth is concentrated. Nearly half of it is owned by 91,000 people--0.001% of the world's population. Ninety-five percent is owned by the planet's wealthiest 10 million people.
SNIP...
Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks. As of September 2009 these banks accounted for $10.8 trillion of offshore assets--72% of the industry's total. The busiest 10 of them manage 40%.
CONTINUED....
http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html
This would beat the current alternative of austerity for America (excluding services for the top income earners, of course).
