One of the most grating parts about the Fix-The-Debt crowd is their sanctimoniousness — only *they* care about the country and only *they* know the truth and everyone else is an idiot and blind. The truth is this is a gang of phonies — led by the corporate hacks named Bowles and Simpson — who have an ideological hatred of anything that smells of a “social good” and mostly standout for the amount of riches they’ve siphoned off from various companies or investments they’ve tapped into. And here is hard evidence.
From the Citizens for Tax Justice, who, unlike Simpson and Bowles, actually present real data, not hyped rhetoric:
While the headlines on the fiscal cliff negotiations are about wrangling over the top individual tax rates, multinational corporations are quietly lobbying for an agreement to move the U.S. international tax rules to a territorial system.
Members of the so-called Fix The Debt Campaign have called for massive cuts to social programs while seeking additional tax breaks for their own companies. A move to a territorial system could give the 63 publicly-held companies in the Fix the Debt campaign an immediate windfall of up to $134 billion and would massively increase their incentives to move even more profits offshore, where they would then be permanently exempted from U.S. taxes. Terrible-torial.
CTJ relies, among other things, on this study from IPS.
So, the bottom line is this: cutting and tightening the belt only is good for the “little people” to absorb…that would be the 99 percent who have already been screwed by the Fix-The-Debt crowd.