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End Tax Havens

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Bernie Sanders

on 4 March 2013

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Transcript of End Tax Havens

The Corporate Tax Fairness Act The Facts The Business Roundtable What is the Roundtable? The Business Roundtable represents some of the largest Wall Street and corporate tax avoiders in the country.

Recently, the Business Roundtable came out with a plan to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, and increase taxes on working families. Instead of cutting Social Security, Medicare, Medicaid, and veterans’ benefits, it is time
for these corporate and Wall Street tax dodgers to pay their fair share in taxes and bring jobs back home to America. Here are just a few examples of how the corporations and Wall Street banks these CEOs work for have significantly harmed our economy and the federal budget.... CEO: Brian Moynihan Number of Offshore Tax Havens in 2010? 371 204 of these are incorporated in the Cayman Islands,
which have a tax rate of 0%. How much was stashed away? $18.5 billion How much would have been paid in taxes? $2.5 billion Bank of America received a $1.9 billion tax refund in 2010. It made a profit of $4.4 billion and received more than $1.3 trillion in bailout funds and nearly zero-interest loans. CEO: Jamie Dimon Number of offshore tax havens in 2010? 83 How much was stashed away? $21.8 billion How much would have been paid in taxes? $4.9 billion During the financial crisis, JP Morgan Chase received a total of $391 billion of near-zero interest loans from the Federal Reserve and a $25 billion bailout from the Treasury Department, while Jamie Dimon served as a director of the New York Federal Reserve. CEO: Lloyd Blankfein Number of offshore tax havens in 2010? 39 How much was stashed away? $20.6 billion How much would have been paid in taxes? $3.3 billion CEO: Jeffrey Immelt General Electric Taxpayer bailout from Federal Reserve? $16 billion How much was stashed away? $102 billion How much would have been paid in taxes? $35.7 billion CEO: Lowell McAdam American jobs cut in 2010? 13,000 How much $$ was stashed away? $1.5 billion How much would have been paid in taxes? $525 million CEO: Kenneth Frazier Amount of federal income taxes paid in 2009? $0 2009 profits? $5.7 billion How much would have been paid in taxes? $15.5 billion How much was stashed away? $44.3 billion CEO: Wendell Weeks Amount of federal income taxes paid between
2008 and 2010? $0 How much would have been paid in taxes? $3.78 billion How much was stashed away? $10.8 billion Tax refund? $4 million CEO: Steve Ballmer CEO: James McNerney, Jr. Amount of federal income taxes paid between
2008 and 2010? $0 How much would have been paid in taxes? $66 million How many jobs shipped overseas? 57,000 Tax refund? $124 million How much would have been paid in taxes? $19.4 billion How much money was stashed away? $60 billion CEO: Paul Jacobs How much money was stashed away? $16.4 billion How much would have been paid
in taxes? $5.8 billion CEO: Douglas Oberhelman How much money was stashed
away? $13 billion How much would have been paid in taxes? $4.55 billion CEO: John Chambers How much money was stashed away? $41.3 billion How much would have been paid
in taxes? $14.45 billion How much money was stashed away? $10 billion How much would have been paid
in taxes? $3.5 billion Cisco Systems CEO: Andrew Liveris Dow Chemical CEO: Klaus Kleinfeld Money hidden in tax havens $8.3 billion Taxes owed $2.9 billion CEO: John Lundgren Money hidden in tax havens $3.6 billion Taxes owed $1.26 billion CEO: Greg Brown Money hidden in tax havens $1 billion Taxes owed $350 million CEO: Gregg Sherill $698 million $269 million CEO: George Paz Money hidden in tax havens $54 million Taxes owed $19 million CEO: Gary Loveman Money hidden in tax havens $42 million Taxes owed $15 million Money hidden in tax havens Taxes owed CEO: Larry Fink $1.5 billion $525 million CEO: D. Scott Davis Money hidden in tax havens $3.2 billion Taxes owed $1.12 billion CEO: William McCracken Money hidden in tax havens nearly $2 billion Taxes owed $700 million Money hidden in tax havens Taxes owed CEO: Alexander Cutler $6.4 billion $2.24 billion CEO: Robert Greifeld Money hidden in tax havens $60 million Taxes owed $21 million CEO: William McCracken Money hidden in tax havens $470 million Money hidden in tax havens Taxes owed Taxes owed $165 million CEO: Marc Casper $4.7 billion $1.65 billion CEO: Daniel Fulton Money hidden in tax havens $22 million Taxes owed $8 million CEO: Paul Stebbins Money hidden in tax havens $794 million Money hidden in tax havens Taxes owed Taxes owed $278 million CEO: Glenn Britt Taxes paid in 2008? $0 Tax refund? $74 million Taxes paid in 2008? $0 Tax refund? $49 million Time Warner CEO: Thomas Quinlan III R.R. Donnelly & Sons What can we do? Senator Bernie Sanders has introduced the Corporate Tax Fairness Act to end the deferral loophole for profits held overseas. The Corporate Tax Fairness Act would yield more than $590 billion in revenue over the next decade Learn more: http://sanders.senate.gov Many of the corporations and Wall Street banks represented by the Business Roundtable have:

avoided more than $128 billion in taxes by setting up over 500 subsidiaries in the Cayman Islands, Bermuda, and other offshore tax havens since 2008
received more than $6.5 billion in tax refunds from the IRS, after making billions in profits
outsourced hundreds of thousands of American jobs to China and other low wage countries, forcing their workers to receive unemployment insurance and other federal benefits
received a total taxpayer bailout of more than $2.5 trillion from the Federal Reserve and the Treasury Department and nearly caused the economy to collapse over four years ago. During the financial crisis, Goldman Sachs received a total of $814 billion in virtually zero interest loans from the Federal Reserve and a $10 billion bailout from the Treasury Department. Since 2001, General Electric has closed more than 30 manufacturing plants in the United States, cut 34,000 American jobs, and added 25,000 jobs overseas. General Electric now has more workers abroad than it does in the United States. Federal income tax paid in 2010? $0 CEO: David Cote Tax refund? $34 million How much $$ was stashed away? $8.1 billion How much would have been paid in taxes? $2.84 billion Federal income tax paid in 2010? $0 Honeywell International
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