A big player in the fiscal cliff debate, a campaign called Fix the Debt, more than 80 CEOs of America’s largest corporations is doing a massive media and lobbying blitz, portraying themselves as the reasonable ones.
But if you look at the details of their tax plan, you see a Trojan horse. They’re pushing for tax breaks for corporations they’ve been pushing for a decade. They want a permanent exemption from U.S. taxes for all foreign earnings.
Institute for Policy Studies calculated the companies in this campaign stand to gain a windfall of as much as $134 billion, if they get this corporate tax break.
People be wary of this big ad campaign that they’re about to see in their newspapers. This is just a corporate attack on our fair taxation system, many of them serial tax dodgers already.
They use accounting shenanigans to shift profits to overseas tax havens lowering their tax bills. Twenty-four of these companies actually paid their CEO more last year than they paid to Uncle Sam. To think that we need to shift the burden onto the backs of the poor and elderly is crazy, when we’re in the richest country in the world.
Scott Johnson, Auburn