Monday, October 24, 2016

Corporate Democrat alert, October 24

The bad news is that Democratic Senate Leader Chuck Schumer is pushing a gigantic corporate tax giveaway scheme. A giveaway to the corporations, of course! And that well-known champion of the common people Paul Ryan, aka, the Zombie Eyed Granny Starver (h/t Charlie Pierce) is making noises about getting on board with the plan. The kind of "bipartisan" scheme that actually could get enacted with Republican support.

Jon Schwarz reports on it in Democratic Sen. Chuck Schumer Says Top Priority for Next Year Is Giant Corporate Tax Cut The Intercept 10/19/2016:
American multinational corporations are now holding a staggering $2.5 trillion in profits overseas, refusing to bring the money back at the current tax rates until they get a special deal.

Revenue-starved Democratic leaders have broadly hinted they are prepared to cave, either for a “holiday” period or permanently.
But, as Schwarz mentions and Ryan Grim reports more fully, Elizabeth Warren is on the case (Ryan Grim, Elizabeth Warren Warns Democrats Not To Cave On Corporate Tax Reform Huffington Post 10/23/2016):

“Developed countries are cracking down on the tax dodgers. You saw what just happened with the European Commission ordering Ireland to collect $14 billion in back taxes from Apple,” she said. “Corporations are running out of places to hide, with the G20 and the OECD [Organization for Economic Cooperation and Development] working together to end international tax avoidance. So I just think that argument no longer holds much weight. Instead of bailing out the tax dodgers under the guise of tax reform, Congress should seize this moment to repair our broken tax code.”

... One way to bring pressure on Congress, she told The Huffington Post in an interview, is for state ballot measures to show politicians where the people stand on that issue. One in particular she’s watching is Oregon’s Measure 97, a provision that would raise $3 billion a year by taxing companies with revenue of $25 million or more. Vermont’s independent Sen. Bernie Sanders recently threw his weight behind it.

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