It will soon be Spring when the hearts of all young men and women will turn to thoughts of . . . . . TAXES!!!!
So as you’re totalling the damage that you will have to cover as your share of two wars on credit, humongous tax cuts for the richest BILLIONAIRES in the world, and the costs of Multi-BILLIONS in Corporate Welfare, you might like to know that elite of the elite don’t have the same tax obligations that you do.
The Wall Street Journal, no Bolshevik mouthpiece, estimates that IF 19 of the nation’s Corporations would pay the taxes owed we could dispense with the ENTIRE $ 85 BILLION budget sequester.
But nowadays while Corporations have rights, they don’t own up to corresponding responsibilities. F’rinstance . . .
- Microsoft boosted its foreign holdings by $16 billion last year, and by the end of the company’s fiscal year on June 30, 2012, had $60.8 billion stashed internationally.
- Oracle increased its foreign holdings by one-third, including new subsidiaries in low-tax Ireland, and thereby was able to add a cool $272 million to the company’s bottom line by avoiding U.S. taxes.
- Abbott estimates that it saved $1.6 billion in U.S. taxes by moving $8.1 billion of its profits overseas
- Johnson & Johnson has almost all of its cash—$14.8 billion out of $14.9 billion—abroad, and avoiding U.S. taxation.
- Now GE has nearly two-thirds of its jobs abroad, avoided U.S. taxes in the previous two years and has $108 billion stashed overseas
Now when the Taxman cometh, these Corporations blow our national popstand for foreign climes BUT when they need protection, or bailouts, or tax credits or subsidies, or require the Marines to guard their assets and asses, they quickly become Red, White & Blue through and through. Well, we don’t need Sunshine Patriots, or Corporateers posing as Americans, we need a Business Community as devoted to our Nation as real people are.
SOURCE: Robert Scheer, “If Corporations Don’t Pay Taxes, Why Should You?”, TruthDig.com (March 12, 2013)