Mind and Destiny

“I make no pretension to patriotism. So long as my voice can be heard ... I will hold up America to the lightning scorn of moral indignation. In doing this, I shall feel myself discharging the duty of a true patriot; for he is a lover of his country who rebukes and does not excuse its sins. It is righteousness that exalteth a nation while sin is a reproach to any people.”- Frederick Douglass

Location: Delhi, N.Y., United States

The author and his webmaster, summer of 1965.

Saturday, September 03, 2016

Tax Fairness

Executive Director of “Americans for Tax Fairness” Frank Clemente insists multinational corporations and the wealthy don’t pay their fair share in taxes, and live by their own set of rules.

After an exhaustive investigation, the European Commission recently found that Ireland’s tax arrangements with Apple has been illegal.  By using various forms of tax avoidance, Apple owes back taxes to Ireland of up to $14.5 billion on its European profits.  Apple has more than $215 billion in profits stashed offshore on which it could owe the American people more than $60 billion in taxes.

“Americans for Tax Fairness” and “SumOfUs” have demanded that our Treasury Department initiate an investigates of Apple for shifting profits out of our country in order to dodge paying taxes.  Members of Congress should begin conducting investigations into those tax loopholes that allow Apple and other multinational corporations to avoid paying their fair share in taxes.  The law may need to be changed.

Apple is a prime example of American multinational corporations that avoid paying their fair share of taxes by profit shifting.  For years, they’ve been hiding profits generated here in America by stashing those profits in offshore tax havens, like Ireland.  They do this because a huge tax loophole that was created by Congress.  It’s known as deferral, and allows them to avoid paying taxes on those profits until are returned to America, which may never happen.  

Multinationals corporations have $2.4 trillion in untaxed profits offshore, with most of it in tax havens.  They owe up to $700 billion in back taxes on those profits.

We need a tax system that works for all Americans, not just the wealthy and corporations.  Congress and our Treasury Department should immediately start investigating Apple for massive offshore profit shifting and tax dodging.


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