“On February 7, 2013, Senator Bernie Sanders is introducing legislation to crack down on
Wall Street and corporate tax avoiders that are avoiding tens of billions in taxes every
year by shifting profits to the Cayman Islands and other tax havens. Rep. Jan
Schakowsky (D-IL) is introducing the companion bill in the House.
The Business Roundtable represents some of the largest Wall Street and corporate tax
avoiders in the country.
Recently, the Business Roundtable came out with a plan to raise the eligibility age for
Medicare and Social Security to 70, cut Social Security and veterans’ benefits, and
increase taxes on working families.
Many of the corporations and Wall Street banks represented by the Business Roundtable
have:
avoided more than $128 billion in taxes by setting up over 500 subsidiaries in the
Cayman Islands, Bermuda, and other offshore tax havens since 2008;
received more than $6.5 billion in tax refunds from the IRS, after making billions
in profits;
outsourced hundreds of thousands of American jobs to China and other low wage
countries, forcing their workers to receive unemployment insurance and other
federal benefits; and
received a total taxpayer bailout of more than $2.5 trillion from the Federal
Reserve and the Treasury Department and nearly caused the economy to collapse
over four years ago.
Instead of cutting Social Security, Medicare, Medicaid, and veterans’ benefits, it is time
for these corporate and Wall Street tax dodgers to pay their fair share in taxes and bring
jobs back home to America….”
Joined Nov 11, 2007
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