Senate Budget Committee adopts Sanders amendment on corporate tax evasion

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Senate Budget Committee Adopts Sanders Amendment on Corporate Tax Evasion

WASHINGTON, March 14 – The Senate Budget Committee today approved an amendment by Sen. Bernie Sanders (I-Vt.) to reduce the deficit by ensuring that large, profitable corporations cannot avoid paying income taxes.

Sanders’ amendment was adopted 12 to 10 as the committee began work on a budget blueprint for the next fiscal year.

“At a time when corporations are experiencing record-breaking profits while corporate income tax revenue as a percentage of GDP is near a record low, it is time that we demand that corporate America contribute in a significant way toward deficit reduction,” Sanders said.

About one out of four large, profitable corporations now pay nothing in federal income taxes.

“When Bank of America, Citigroup, Wells Fargo and other large financial institutions needed government assistance in 2008, they wanted all of the advantages of being American. They went to the U.S. Treasury Department and the Federal Reserve to receive trillions of dollars in financial aid. But when it comes to paying taxes, these same financial institutions want to avoid U.S. taxes by sheltering their profits in the Cayman Islands, Bermuda, the Bahamas or other tax havens,” Sanders said. “That is unacceptable.”

Contact: Michael Briggs (202) 224-5141

Comments

  1. Kathy Nelson :

    All well and good Bernie but what good does it do to collect taxes from scoundrel corporations and then dish back $12 billion to industrial wind developers, most of whom are based in foreign countries? There is no ring of sincerity in you anymore Bernie. Why did you and cult leader McKibben refuse to answer questions Saturday about renewable energy credits? Who profits by taxpayers being forced (subsidies)to pay for mountaintop destruction in Vermont and then using that as a basis for selling credits to others to pollute all they want with coal burning in the mid-west? And speaking of coal, are you going to slam the coal industry for selling huge amounts of American coal to China and Europe? Sorry Bernie, too little, too late. No more votes for you.

  2. Harriet Cady :

    The sstory does not make clear what Bernie Sanders did? Was he able to change IRS rules on tax deductions which allow the evasion? Are the corporations taking profits after income tax filings to the Caymans or other places?
    I feel that 117,000 pages of IRS rules put in place mostly through lobbyist for the corporations should be shortened and maybe in 20 pages we all could understand why we pay taxes.

  3. The passage of the Amendment concerning tax evasion is long overdue… This is especially true for the companies and their CEOs that received bailouts from public funds and then used these funds to give themselves million dollar bonuses. Those CEOs and their political allies in Washington expect the middle class to bail them out when they screw up but then except the same middle class to balance the budget by cutting Social Security and Medicare!
    Wind, solar and other forms of renewable energy is not the issue here.

    • Lance Hagen :

      Actually renewable energy IS a large part of the issue here. Bernie keeps calling for more and more taxes but has failed to mention anything about limiting unnecessary spending. Tax credits for renewable energy is a good example.

      Did you ever read his fix for the deficit problem? He proposes $496 billion/year in new taxes and only $131 Billion/year in spending reductions. And most of his spending reductions are elimination of wasteful spending and fraud, which is something the government always tells us they will do but always fails at achieving.

      The man lacks balance.

  4. The whole point of off shore accounts is to avoid paying taxes or else why have them. So unless one is a multi- millionaire CEO etc. who can avoid paying taxes with off shore accounts, you should be for this amendment. That’s one of the reason we have Obama, not Romney/Ryan in the White House.
    One of the most arrogant statements lately was by the CEO of Goldman Sachs, who receives tens of millions per year in compensation, who said that the middle class needs to expect less from Medicare and Social Security as a way of balancing the budget. If anyone other than the super rich agrees with that, they are going against own self interests.

  5. Jim Barrett :

    Thanks Bernie and don’t forget to tell the AMERICAN people that corporations actually pass all taxes onto the working stiff and therefore your BS is increasing taxes on the working family. Your baloney about corps not paying enough taxes is just one more example of Washington stupidity as no corp. pays any taxes period………!

  6. ALEX BARNHAM :

    We laugh at someone who hoards junk but we worship those who hoard wealth. When we figure out we don’t need money to trade goods and services, the bankers will probably want to kill us.

  7. Cynthia Beaudette :

    I think Bernie needs a reminder that it is members of Congress who are responsible for the existing tax laws, one of which allows corporations to park profits offshore, untaxed in the billions if not trillions of dollars. GE has 62 billion parked and will not pay taxes until it brings the money home. Jim Barrett is correct though. Corporations do not pay taxes. The people buying American goods get to pay the tax added on to the product. It’s the highest in the world making it difficult to cpmpete on the global market. If the market balks at the price of the American product, workers are laid off or their pay is reduced and finally, left with no other recourse, the company moves the company to escape the tax handicap, leaving the shortsighted government with less income taxes coming in and high unemployment. It has become convenient for the government to inflate the currency (one trillion this year) which is yet another indirect tax the poor and middle class get to bear, thanks to their crazy tax decisions. It worries me that never in the history of mankind has any country printing “funny” money ever survived. If Bernie really is interested in pulling the country out of the recession, he’d advocate a zero corporate tax. Business would boom, companies would move here or back here, unemployment would be nonexistent,incomes would rise, tax revenues would skyrocket and we could all get back to American innovation and creativity to help improve the world.

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