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Forum Post: Bernie Does Bill to Bop the Banks!

Posted 5 years ago on Feb. 11, 2013, 1:50 a.m. EST by shoozTroll (17632)
This content is user submitted and not an official statement

At a time when we have a $16.5 trillion national debt; at a time when roughly one-quarter of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high; it is past time for Wall Street and corporate America to pay their fair share.

That's what the Corporate Tax Dodging Prevention Act (S.250) that I have introduced with Rep. Jan Schakowsky (D-Ill.) is all about.


Hard to believe they're still shipping their money off shore too.

It's also time for shell corporations to go.



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[-] 3 points by Middleaged (5140) 5 years ago

Yes, I was just going to make a Post about this from Information Clearing House....


In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year.

In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes.

Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes.

Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis.

[-] 3 points by shoozTroll (17632) 5 years ago

and this doesn't even address the "profitability" of "shell corporations", who's only reason for existing is to provide cover for their lies.

From phony shipping charges, to tax evasion and everything in between.

[-] 1 points by Middleaged (5140) 5 years ago

Yes, it is so clear to me what the motivation is for the corporation. Why don't legislators take away the incentive or create laws that focus on the Intent to Avoid or Evade the Tax... It is so clear just from a profit or a bonus point of view. You avoid the tax, you get a bonus. It is Criminal Negligence that Congress sits with their thumb up their ass...

They think we are all hypnotized or unable to think critically. It is very Insulting.

[-] 3 points by shoozTroll (17632) 5 years ago

Dems have introduced legislation to at the very least, get shell corporations under control, but they've all died in the GOP stonewalling shitstorm that is today's congress.

Nary a word was spoken on those efforts. Nary word reported on the issue in the corporate press, and I doubt Bernie's latest will get much further, but at least he's still trying..

[-] 2 points by Middleaged (5140) 5 years ago

Agree. Actions speak louder than words. Would like Publicity on many Issues though ...to allow National Debate & Scholarship ... to allow Voters the chance to Discuss with Representatives and Form Coalitions and Grassroots Activism:

1) Retirement Crisis, Savings Interest Rate Crisis, Pension Loss Trend
2) Lack of GMO Lables, spread of GMO Food, Monolopies Set up by Monsanto
3) Jobs Flight
4) Capital Flight
5) Executives Loss of Citizenship and Allegiance to the USA.
6) Tax Avoidance, Tax Lobby, Tax rate declines due to Tax Loopholes, Tax Abatements,
7) Corporate Welfare, Corporate Subsidies, Public Private Partnerhips, Shifting of RIsk to Taxpayers & Government by Private Corporations
8) Lack of Industrial Vision, Vision for a Place for US Workers, Loss of Worker Wages & Benefits, Lack of Investment in R&D in the USA to create Spinoff Jobs in areas of New Technology, Lack of Policies to Develope proper environment for Small Businesses in the USA, Policy of importing tech workers to the most advanced country in the world, Policy of Low to Free Interest Rates for TBTF Banks while no money is investing in Small Businesses or production of any new products.
9) Policy of Low Interest Rates & Continual Bailout for the banks that caused the biggest Global Economic Crisis in the World, while permitting them to act in corrupt ways like Liberal Banking Practices, Paying bonuses to employees for gambling, incentivising casino type activities, disencentives for real investment in real businesses.... Creation of Criminogenic environment as Bill K. Black says....

[-] 1 points by shoozTroll (17632) 5 years ago

Until people truly accept Wallstreet's connection to all of those issues and more, we will continue down the same path we are on.


[-] 3 points by shoozTroll (17632) 5 years ago

But poor innocent corporations, they're just following the rules they had ALEC write for them.

[-] 2 points by elf3 (3900) 5 years ago

In favor!

[-] 1 points by owsarmy (271) 5 years ago

Greedy, selfish, bastards.

[-] 2 points by repubsRtheprob (1209) 5 years ago

A beginning. Let's see who votes against it.

[-] 1 points by MattLHolck (16833) from San Diego, CA 5 years ago

2112 deficit $1,327 billion

[-] 1 points by shoozTroll (17632) 5 years ago

Isn't it fun how they juggle those kinds of numbers around?

[-] 1 points by MattLHolck (16833) from San Diego, CA 5 years ago

just trying to set parameters

[-] 1 points by shoozTroll (17632) 5 years ago

I thought that was what Bernie was trying to do.

Set some parameters for those corporate people.

They can be several people all at once, while us lowly humans can't do that.

[-] 0 points by nobnot (529) from Kapaa, HI 5 years ago

Like that is going to happen.But at least Berrnie does try.