What do you say?
Sen. Bernie Sanders (click here) on Tuesday introduced a bill to stop profitable corporations from sheltering income overseas in the Cayman Islands and other tax havens to avoid paying U.S. taxes. The legislation also would end tax breaks for companies that ship jobs and factories overseas.
Sanders spoke at a Capitol news conference in front of a photo of the notorious Ugland House, the building in the Cayman Islands that is the registered address of more than 18,000 companies. The building has become the symbol of all that is wrong with offshore tax havens.
“At a time when we have a $18.2 trillion national debt and an unsustainable federal deficit; at a time when many of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high, it is past time for corporate America to pay their fair share in taxes so that we can create the millions of jobs this country needs,” Sanders said.
Eighty-three of the Fortune 100 companies in the United States have used offshore tax havens to lower their taxes, according to the most recent Government Accountability Office study.
Sanders’ bill and a companion measure introduced today in the House by Rep. Jan Schakowsky would yield more than $590 billion in revenue over the next decade, according to the Joint Committee on Taxation....
