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Rokenn · 04-15-2003, 11:06 AM

Found this on the WOrking Assests site (http://www.workingforchange.com/acti...m?itemid=14796)
Seems appropriate for Tax Day here in the US.

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Rein in Corporate Tax Deserters

Contributed by Working Assets

In recent years, corporate lawyers and accountants have become increasingly brazen in their efforts to avoid paying any Federal income tax, even when the companies they represent are highly profitable. Congress has pressured the IRS to not enforce existing laws and has repeatedly refused to pass laws to close arcane tax loopholes. Many brand name companies save huge amounts simply by creating a P.O. box headquarters in the Caribbean without moving any real operations.

Estimates vary, but the IRS suggests that closing several of the major loopholes would bring in an additional $70 billion per year! It is merely coincidental, but highly ironic, that these revenues would cover the cost of our invasion of Iraq, or the exploding state fiscal deficits – each and every year.

The list of companies that have taken advantage of the rest of us through aggressive use of tax shelters in the Caribbean is long and illustrious. It includes the criminal -- Enron and Tyco -- as well as major government contractors, such as Halliburton. Under then CEO and now Vice President Cheney, Halliburton created many Bermuda partnerships with no more reality than a post office box and a local lawyer. This forced regular citizens to pay Halliburton's share of public services, homeland security, and the military budget. This kind of behavior makes clear the utter lack of loyalty on the part of these tax dodgers.

In an effort to stop this abuse, Representative Richard Neal (D-MA) has introduced the Corporate Patriot Enforcement Act. Representative Neal’s legislation will not cure all corporate malfeasance, but it will make it less profitable, and it is a powerful first step in making sure companies pay their share of meeting America’s basic needs. Most observers believe that the Corporate Patriot Enforcement Act would pass easily if the Republican leadership would allow it to come to a vote since it is hard to publicly defend the indefensible.

Call to action

Urge your representative to support and co-sponsor HR 3884, the Corporate Patriot Enforcement Act, and to call on the House leadership to schedule a roll call vote as soon as possible.

More Info

04-15-2003, 11:06 AM	#1
Rokenn Galvatron Join Date: January 22, 2002 Location: california wine country Age: 61 Posts: 2,193	Found this on the WOrking Assests site (http://www.workingforchange.com/acti...m?itemid=14796) Seems appropriate for Tax Day here in the US. -------------------------------------- Rein in Corporate Tax Deserters Contributed by Working Assets In recent years, corporate lawyers and accountants have become increasingly brazen in their efforts to avoid paying any Federal income tax, even when the companies they represent are highly profitable. Congress has pressured the IRS to not enforce existing laws and has repeatedly refused to pass laws to close arcane tax loopholes. Many brand name companies save huge amounts simply by creating a P.O. box headquarters in the Caribbean without moving any real operations. Estimates vary, but the IRS suggests that closing several of the major loopholes would bring in an additional $70 billion per year! It is merely coincidental, but highly ironic, that these revenues would cover the cost of our invasion of Iraq, or the exploding state fiscal deficits – each and every year. The list of companies that have taken advantage of the rest of us through aggressive use of tax shelters in the Caribbean is long and illustrious. It includes the criminal -- Enron and Tyco -- as well as major government contractors, such as Halliburton. Under then CEO and now Vice President Cheney, Halliburton created many Bermuda partnerships with no more reality than a post office box and a local lawyer. This forced regular citizens to pay Halliburton's share of public services, homeland security, and the military budget. This kind of behavior makes clear the utter lack of loyalty on the part of these tax dodgers. In an effort to stop this abuse, Representative Richard Neal (D-MA) has introduced the Corporate Patriot Enforcement Act. Representative Neal’s legislation will not cure all corporate malfeasance, but it will make it less profitable, and it is a powerful first step in making sure companies pay their share of meeting America’s basic needs. Most observers believe that the Corporate Patriot Enforcement Act would pass easily if the Republican leadership would allow it to come to a vote since it is hard to publicly defend the indefensible. Call to action Urge your representative to support and co-sponsor HR 3884, the Corporate Patriot Enforcement Act, and to call on the House leadership to schedule a roll call vote as soon as possible. More Info __________________ “This is an impressive crowd, the haves and the have mores. <br />Some people call you the elite. <br />I call you my base.”<br />~ George W. Bush (2000)