Yesterday, I had a little bit about the thieves of the Fix The Debt gang. Oh, boy, is there more, or what? Yes. A lot more.
Back to our friends at the Citizens for Tax Justice, who have a new report:
A new report from Citizens for Tax Justice explains that among the Fortune 500 corporations, 286 have revealed that they, collectively, held nearly $1.6 trillion in profits outside the United States at the end of 2011. This is one indication of how much they might benefit from a so-called “territorial” tax system, which would permanently exempt these offshore profits from U.S. taxes.
Just 20 of the corporations — including household names like GE, Microsoft, Apple, IBM, Coca-Cola and Goldman Sachs — held $794 billion offshore, half of the total. The data are compiled from figures buried deep in the footnotes of the “10-K” financial reports filed by the companies annually with the Securities and Exchange Commission.
Can you say that slowly…$1.6 trillion.
And now you wonder why these low-lifes want to be part of a “Fix The Debt” gaggle of thieves? It’s simple. They want to slash-and-burn any semblance of a social safety system that is paid for by fair taxes and they want to eviscerate corporate taxes — already pitifully low — under the rubric of “corporate tax reform” as part of the “grand bargain”.
Thievery has never been so obvious.