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Tax Havens
Republicans Protect Bermuda Tax Triangle for Corporate Traitors
NY Times reports, "The House yesterday took up the first measure that touched on corporations that use a Bermuda mailbox to avoid paying taxes, but rather than moving toward tightening the loophole, House Republicans allowed Democrats to lambaste them as the 'allies of corporate traitors'... Gene Taylor, a Mississippi Democrat, told Speaker Dennis Hastert, who presided over the House session, that the speaker was behind the Republican strategy to let users of the Bermuda loophole continue to be eligible for federal contracts. 'You want to reward your buddies who move their address overseas, just one more reason why you shouldn't be speaker,' Mr. Taylor said. Mr. Hastert did not respond. David R. Obey, Democrat of Wisconsin, said his constituents had complained about the Bermuda loophole shifting tax burdens to them and were angry when they learned that Accenture and others have $2 billion of federal contracts. 'They don't expect Uncle Sam to be Uncle Sucker,' Mr. Obey said."
Mark Shields writes that George Bush tells us the "battle against terrorism will be long and costly in both American treasure and suffering. In response to the president's [sic] blunt words, dozens of American corporations have chosen to go AWOL... When the going got tough, these corporate citizens got going to the island tax havens where, in a time of war, they chose not to pay the taxes they owed to the United States, but still to have their factories, families and fortunes defended by U.S. Marines... Franklin Delano Roosevelt declared that taxes are 'the dues we pay for the privilege of membership in an organized society.' J. Pierpoint Morgan, the renowned financier, had a different take: 'Anybody has a right to evade taxes if he can get away with it'... And who makes up the difference? The cops, and firefighters, and nurses, and teachers, and Mom and Pop small-business owners do... They play by the rules. They obey the law. They pay their taxes. They love their country."
"In recent years, corporate execs have been rushing to relocate their companies in the Caribbean, most often in Bermuda where there is no income tax. This practice deprives the Treasury of an estimated $70 billion a year - money desperately needed to fund critical programs in education and healthcare. To close tax loopholes exploited by corporate executives, Representative Richard Neal (D-MA) has proposed legislation that bans the unpatriotic practice of relocation for tax purposes. Indeed, what could be more unpatriotic than U.S. companies declaring themselves foreign to avoid paying taxes? Adding insult to injury, many of these formerly American companies enjoy lucrative government contracts... The aptly named, Corporate Patriot Enforcement Act, would make it illegal for companies to relocate to avoid paying taxes, effective September 11, 2001. Please support this important legislation and crack down on corporate tax avoidance." Write your Representatives, courtesy of Working Assets.
AP reports: "Democrats are accusing House Republicans of protecting U.S. corporations that avoid paying taxes by setting up small offices off the coast. In the Democratic radio address aired Saturday morning, Rep. Jim Maloney, D-Conn., said the number of corporations seeking tax havens is growing. 'For little more than the cost of a post office box in an offshore tax haven like Bermuda, U.S. companies are avoiding many millions of dollars in federal taxes -- Corporations that engage in this practice want the benefits of being an American company, but are not willing to pay their fair share. They leave that to taxpayers like you and your neighbor.'" You go, Jim!
19-Jul-02
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