One of the reasons you and I and other ordinary American citizens are taxed so much and still live in a country with a huge Federal deficit is because multi-billion dollar American corporations are taxed so little.
Thursday, October 21, 2010
Why is the deficit so big? It could be because billion dollar companies are robbing the U.S. Treasury blind.
They move money around — around Europe and the Caribbean — to make their tax liabilities disappear.
According to Bloomberg news, Google and other U.S. corporations are ripping off the taxpayer to the tune of $60 billion. Now Facebook is about to follow. And there are still others.
The Tea Party and Republican wingnut solution is to cut or eliminate Social Security and Medicare, Federal payments to the states, money for infrastructure and everything else that once made America work.
The smarter solution would be to cut the tax loopholes that let the big corporate thieves get away with this stuff. But Republicans in Congress won't let it happen. If you want to get mad as hell at something, get mad as hell at that.
P.S. An earlier version of this post contained an error attributing the whole $60 billion to Google. That has been corrected. Thank you to those who pointed it out. However, no thanks to those fearful (or furious) souls who declare that if the American people try to collect what they're owed by the corporations, the corporations will leave the country. That's like saying, "If we try to stop that band of bandits, they'll burn down our village and rape our women." I agree the corporations will try to leave the country, just as so many have moved their manufacturing plants out of the country and thrown Americans out of jobs so the factories can pay paupers' wages. So I'm glad you brought the matter iup. We can stop this.
We need to urge Congress to pass criminal laws that would fine companies the equivalent of the wages and taxes they escape by moving overseas. If they want to sell goods here, or do business here, they can employ Americans and pay American taxes here. You say they'll stop doing business in this huge market if we try. Fine. I can guarantee you that some entrepreneurial (and honest) Americans will rush in to fill the vacuum.
But...but...but the right-wingnuts will complain that if companies pay American wages and pay American taxes, prices in America would go up. I agree. That's the price we pay for full employment and a growing economy, rather than unemployment and a dying economy. Which would you rather: Have a job or pay an extra dime for a bag of carrots? (I can hardly wait for some genius to do the math and tell me it's not a dime, it's 17 cents.)
P.P.S. My policy is to allow any post that is not libelous or outrageously, formidably obscene. However, I do screen for those things, and I only do so once or twice a day. So if you don't find your post here for a while, be patient. It'll show up. Probably.