My @Quora answer to How do smart liberals (the US term) reply when right-wingers say that “the left knows nothing ab… http://qr.ae/LvU8U (see link for missing charts)
We reply with charts, history, math, and Facts.
Now… note that “conservatives” like to scream about entitlements, while completely ignoring the fact that collections from corporations has been intentionally tanked through “declaring” their international game of Three Card Monte with their profits (Called off shoring profits) to be “legal” … That little decision which resulted from bribed and treasonous Congresscritters gave us this:
So… despite all the hand wringing and hair tearing by Republican Party Brass and our major “news” outlets about “entitlements are the problem”… what we really have is a convenient, Congressionaly created out of whole cloth, “problem” with collections from their largest corporate bribers.
Here’s the “hidden” money, which you can easily find by looking at almost any corporate prospectus answer searching for the phrase “retained earnings in anticipation of tax liability”:
Here’s just a few of the hundreds of these tax dollar thieves:
Bank of America, which reports having 264 subsidiaries in offshore tax havens. Kept afloat by taxpayers during the 2008 financial meltdown, the bank reports holding $17 billion offshore, on which it would otherwise owe $4.3 billion in U.S. taxes.14 That implies that it currently pays a ten percent tax rate to foreign governments on the profits it has booked offshore, suggesting much of those profits are booked to tax havens.
PepsiCo maintains 137 subsidiaries in offshore tax havens. The soft drink maker reports holding $34.1 billion offshore for tax purposes, though it does not disclose what its estimated tax bill would be if it didn’t keep those profits offshore.
Pfizer, the world’s largest drug maker, operates 128 subsidiaries in tax havens and officially reports $69 billion in profits offshore for tax purposes, the third highest among the Fortune 500.15 The company made more than 40 percent of its sales in the U.S. between 2010 and 2012,16 but managed to report no federal taxable income six years in a row. This is because Pfizer uses accounting techniques to shift the location of its taxable profits offshore. For example, the company can license patents for its drugs to a subsidiary in a low or no-tax country. Then, when the U.S. branch of Pfizer sells the drug in the U.S., it must pay its own offshore subsidiary high licensing fees that turn domestic profits into on-the-books losses and shifts profit overseas.
Pfizer recently attempted a corporate “inversion” in which it would have acquired a smaller foreign competitor so it could reincorporate on paper in the UK and no longer be an American company. A key reason Pfizer attemped this maneuver is that it would have allowed the company to more aggressively shift U.S. profits offshore and have full, unrestricted access to its offshore cash.
All of which brings us to this: There’s an estimated +$10 Trillion (thst we know about) in “hidden” and completely untaxed profits which were “earned” using Our infrastructure and which these scoff laws refuse to pay any tax on by use of simple evasion, obfuscation, and bribery of Congresscritters.
Here’s the bribery writ large for all to see:
The study zeros in on 93 firms that spent as much as $282.7 million lobbying on the issue during that period, and ultimately saved a total of $62.5 billion through the tax change. Researchers used publicly available lobbying disclosures filed with Congress and financial statements submitted to the Securities and Exchange Commission to compare the amount each company saved with its lobbying expenditures.
“It calls into question what Congress did in 2004,” said Stephen Mazza, who conducted the study with Raquel Alexander and Susan Scholz. “It clearly is a very lucrative field for lobbyists. Congress wanted to create jobs, and what they probably did was create jobs for the lobbyists.”
This is a pretty outrageous, although entirely predictable, result, pointing to a serious problem in governance. If investment in lobbying is the number one determinant in firm growth, how can we trust policy makers to do what is best for anyone other than those with money to spare on lobbyists? As we have been explaining all week, one way to expose influence and mitigate its excesses is to require the real time disclosure of lobbying contacts, providing more detail as to whom lobbyists meet with and what they discuss.
“Saved $62.5 Billion” in ONE tax year… nice work if you can get it.
Here’s the end results of that bribery and corporate fraud:
We are not “broke”, and never have been (as Republican claim). We are being ROBBED BLIND by insanely wealthy multinational corporations in full collusion with the vast majority of “our” bribed and treasonous Congresscritters.
This brand of corporate fascisim is the entire (Congressionaly created) “problem” with our deficit spending, lack of funding for schools, roads, libraries, police, Medicare, Medicaid, and our nation’s debt.