Levin Wants To Shut Off The Corporate Offshore Thievery

[marmar]

from the Working Life blog:


Levin Wants To Shut Off The Corporate Offshore Thievery
Posted on 21 May 2014


The corporate thieves running U.S.-based corporations are just counting the days until Carl Levin heads off to retirement at the end of this term. It was Levin, you may recall, who looked at Goldman Sachs and saw “a financial snake pit rife with greed, conflicts of interest, and wrongdoing”. And he isn’t letting go: he’s now moving to try to close a loophole that will put billions of dollars in taxable corporate profits into offshore accounts, a scam that robs the people of revenue.

He calls it the Stop Corporate Inversions Act. I dub it the “Stop Corporate Thievery Act” in line with my own view that when corporations willfully evade taxes, those corporations are effectively stealing from the taxpayers here by exploiting society’s broad resources–education, infrastructure, public safety and other taxpayer-financed public goods–which make profits possible and, then, discarding the entire country by the roadside.

As Levin put it yesterday:

This legislation is designed to address a loophole which, unless we close it, will unleash a flood of corporate tax avoidance that threatens to shove billions of dollars in tax burden from profitable multinationals onto the backs of their American competitors and other American taxpayers.

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The complete piece is at: http://www.workinglife.org/2014/05/21/levin-wants-to-shut-off-the-corporate-offshore-thievery/#sthash.1L3852Gr.dpuf

[misterhighwasted]

1. K&R for Necessary Read. Thanks for the post.

Like fighting Goliath, Levin keeps at it.

Be interesting to watch this progress.

[leftyohiolib]

2. the house republicans will stick a dagger in the heart of it

do people still really need an "incentive" to go vote?