Senate Budget Committee adopts Sanders amendment on corporate tax evasion

FOR IMMEDIATE RELEASE

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

Press Release

Comment Policy

VTDigger.org requires that all commenters identify themselves by their authentic first and last names. Initials, pseudonyms or screen names are not permissible.

No personal harrassment, abuse, or hate speech is permitted. Be succinct and to the point. If your comment is over 500 words, consider sending a commentary instead.

We personally review and moderate every comment that is posted here. This takes a lot of time; please consider donating to keep the conversation productive and informative.

The purpose of this policy is to encourage a civil discourse among readers who are willing to stand behind their identities and their comments. VTDigger has created a safe zone for readers who wish to engage in a thoughtful discussion on a range of subjects. We hope you join the conversation. If you have questions or concerns about our commenting platform, please review our Commenting FAQ.

Privacy policy
Thanks for reporting an error with the story, "Senate Budget Committee adopts Sanders amendment on corporate tax eva..."