The Zero Hour with Rj Eskow
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Corporate Pirates of the Caribbean: Fix the Debt's "Tax Reform" Booty
Posted
June 18, 2013
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June 18, 2013
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9:09Now PlayingWhat is the "territorial tax" and why are supposedly bipartisan groups like Fix the Debt pushing for it? Sarah Anderson, Global Economy Project Director for the Institute for Policy Studies, us the co-author--with Scott Klinger--of a new study "Corporate Pirates of the Caribbean," which shows that 59 of the companies whose CEOs are active members of the Fix the Debt campaign stand to gain $179 billion from switching to a territorial tax system. Currently, many mega-corporations get out of paying US taxes by using accounting tricks to report earnings overseas in places like Bermuda and the Cayman Islands where the earnings go untaxed--as long as they don't bring the money back into the US. Under a "territorial tax system," these companies could bring this money back to the US without having to pay US taxes on it if it was officially "earned" overseas. Fix the Debt claims that if this amnesty were granted, together with a lower official US corporate rate, corporations would have an incentive to bring that money back into the US to invest and create jobs. Unfortunately, we've seen this movie before. We granted some corporations amnesty back in 2004 and no job increase occurred.
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