imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Subscribe Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

CopWatch LA

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List





IMC Network: www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
printable version - js reader version - email this article - view hidden posts - tags and related articles

Tax Extenders Cost Billions

by Deborah Field Sunday, Jun. 01, 2014 at 12:37 PM
marc1seed@yahoo.com

The GE Loophole isn't just unfair to small businesses; it's a burden to us all. If the loophole is renewed, it will cost $62 billion over the next decade. That's money we won't have to fix roads, build schools, or find medical cures—the kinds of investments that strengthen our communities...

Fifteen years as an accountant in corporate America taught me that big multinational companies think they can play by their own rules. That's especially true when it comes to taxes: Some corporations take pride in paying close to nothing in federal income taxes. Now that I run my own small printing and stationery businesses, I'm paying my fair share along with the rest of the middle class.

Too many big companies avoid taxes by lobbying Congress to riddle the law with loopholes. Some lawmakers aid their efforts – then complain that the law has holes like Swiss cheese. How big are those loopholes? Large enough that 26 large, profitable U.S. corporations paid absolutely nothing in federal income taxes from 2008 to 2012, according to the watchdog organization Citizens for Tax Justice. Verizon, Boeing and General Electric combined paid less in federal income taxes over five years than your family or my small business paid in taxes in one year. There is something deeply wrong with that.

I'm proud to pay my fair share of taxes. Most of us realize that it's the price of sustaining our public infrastructure, schools, legal system and other things essential to making America an excellent place to do business. Corporations that take advantage of all America has to offer and then refuse to pay their fair share in taxes are shirking their civic responsibilities.

Small businesses like mine don't have bank accounts in the Cayman Islands. But big corporations use offshore tax havens to dodge billions of dollars in taxes every year. When big corporations use tax havens to avoid paying taxes, the rest of us end up paying more. Oregon taxpayers will have to pay $1,022 this year on average to make up for the combined losses in federal and state tax revenues from tax havens, according to a report by U.S. PIRG. Oregon small businesses will have to pay $3,125 on average.

The good news is some of the loopholes that enable large corporations to hide their profits offshore recently expired. The bad news is Congress is on course to bring them back.

One of the expired tax loopholes, known as the "active financing exception," enables banks and other companies with financing operations to make it appear that U.S. profits were earned in offshore tax havens. General Electric depends on this loophole to lower its tax bill, and so has put four dozen lobbyists working to keep it alive, according to a recent study by Americans for Tax Fairness and Public Campaign.

Thanks to the "GE Loophole" and other tax dodging tricks, GE hasn't paid a dime in federal income taxes over the last five years even though it's made $27 billion in profits. Instead, it's gotten $3 billion in refunds.

The GE Loophole isn't just unfair to small businesses; it's a burden to us all. If the loophole is renewed, it will cost $62 billion over the next decade. That's money we won't have to fix roads, build schools, or find medical cures—the kinds of investments that strengthen our communities and boost small business.

Even in Washington, expired corporate tax breaks wouldn't stand much of a chance of being renewed through stand-alone legislation. But they've been cleverly bundled with scores of other tax changes that mostly benefit businesses into an innocuous sounding package known inside the Beltway as "tax extenders." The total cost is $86 billion for two years, but none of it is paid for meaning it will get added to the budget deficit.

The U.S. Senate is scheduled to vote on this measure soon. Oregon Sen. Ron Wyden, the bill's chief sponsor, recently declared this would be the "last extenders bill on my watch." It should be the last package of corporate tax giveaways, period.

When the recession hit in late 2008, our sales suddenly fell 50 percent. My customers didn't have as much money to spend on our products. We had to lay off most of our staff. Those are the kind of problems small businesses have to face and overcome. They can't be fixed by sweetheart deals for large corporations like the GE Loophole.

Congress should let corporate America know it has to play by the same rules as everybody else. Let's end tax breaks that favor giant corporations and focus on supporting our small businesses in local communities and their customers.

Deborah Field co-owns Paperjam Press in Portland and serves on the executive committee of the Main Street Alliance of Oregon, a coalition of over 2,200 small business owners.


Report this post as:
Share on: Twitter, Facebook, Google+

add your comments


Local News

Stop Circus Animal Suffering – Protestors Urge Audiences to Shun the Wild Animal Circus S07 5:57PM

Nuclear Shudown News Aufust 2016 A30 3:46PM

WIKIpedia is not what we readers Thought nor is it even current about Pacifica or KPFK A24 3:10PM

"KPFK has a $500,000 deficit “ !! Can this be true? A19 6:10AM

Nuclear Shutdown News July 2016 A01 1:36PM

A 99-page report "Election fraud" from Election Justice USA A01 4:14AM

INDY's KPFK radio program being eliminated ? too ? J10 4:57PM

Bertolt Brecht Testifies Before the House Un-American Activities Committee (1947) 2 min J02 3:04PM

Pacifica-KPFK Archives, director resignation J18 4:50PM

SAVE KPFK & PACIFICA: VOTE IN THIS CRUCIAL ELECTION! J18 3:39PM

KPFK radio elections for LSB coming Quick ! J18 1:05PM

KPFK Local Station Board Elections In-Progress J13 11:31AM

Black Lives Matter Activist Jasmine Abdullah Sentenced Three Months in Jail on Attempted Lynching Charge J09 2:08AM

Why are the Park Rangers making it even more difficult for the homeless in Los Angeles? J04 3:11PM

Bernie Sanders in Lincoln Heights M23 8:23PM

Los Angeles Sit-In to Fight Voter Suppression M18 4:28AM

War Within California's 46th CD M13 11:42AM

NPR's David Greene & Alison Aubrey along with David Ludwig Shill For Factory Farm Eggs M13 7:55AM

2016 AT&T Shareholders engaged by Communications Workers of America D9 Activists M12 11:43PM

Communications Workers of America District 9 Action at AT&T Shareholders M12 9:38PM

Voter Registration at ELAC M10 3:31PM

LA Times Fails to Cover Protest Against Clinton M07 9:15PM

Violence Against Poor In Venice A29 12:59PM

More Local News...

Other/Breaking News

Paraphysique de la misère S30 12:37AM

Evidence that USA is run by criminals S29 10:06PM

The Shortwave Report 09/30/16 Listen Globally! S29 5:24PM

Nuclear Shutdown News September 2016 S29 2:54PM

Puerto Rico Oversight Board Holds First Meeting S29 7:54AM

Neoliberal Crisis Policy has Failed S29 4:24AM

(A-Radio) Azerbaijan: the "flower holiday" of the dictator and the imprisoned anarchists S28 12:30PM

Sylvia Opens October 13 at Odyssey Theatre; Tanna Frederick Stars S27 5:56PM

Sylvia Opens October 12 at Odyssey Theatre; Tanna Frederick Stars S27 5:44PM

International Community Rallies to Protect a Monkey Species for the First Time in 30 Years S27 4:44PM

Causes of Great Problems Faded Out in Elections S27 5:57AM

Final Shot Trucchi S27 5:04AM

Cost of not caring: THE FINANCIAL AND HUMAN TOLL FOR NEGLECTING THE MENTALLY ILL S26 9:39PM

USA's President Has Almost No Power Over fbi / cia assassins S26 9:14PM

Cuba Liberates „Miss Burqa“ From Guantanamo S26 7:10AM

Dennis Mahon and Auntie Racist S26 6:58AM

This is your country, your people, not mine S25 7:46PM

Castle Clash Tips & Tricks S25 8:45AM

Datologie S25 12:47AM

Counterintelligence Operations Against A Target Are Global S24 8:15AM

Star Wars Battlefront Death Star DLC S23 3:18PM

Paraphysique de l'aplasie S23 2:37AM

The Shortwave Report 09/23/16 Listen Globally! S22 5:34PM

Philippines: The Punisher's dirty war on drugs S21 11:50PM

Final Shot Astuce Gem Tricks S21 3:58PM

How to get rid of fleas by Robert George Tronge S21 11:52AM

SB Game Hacker is ready to work S21 10:06AM

Joanna Lumley slams CITES’ rhino horn proposal S21 9:24AM

More Breaking News...
© 2000-2003 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy