We are losing money because of loopholes which is legal. Why not let them bring the money back and pay the same taxes they are paying overseas.
This article was first published in June of 2014
More than 70 percent of Fortune 500 companies maintain subsidiaries in offshore tax havens, according to a new report by the U.S. Public Interest Research Group Education Fund and Citizens for Tax Justice.
The consumer groups say tax loopholes in the U.S. encourage the companies to use the tax havens. Together, the report says, the companies sent $2 trillion offshore for tax purposes in 2013.
Exploitation of the loopholes is perfectly legal. But it results in a giant loss of federal tax revenue each year, according to the report. Fifty-five companies disclose the amount they would expect to pay in U.S. taxes if they didn’t report profits offshore for tax purposes: a total of $147.5 billion, “equal to the entire state budgets of California, Virginia, and Indiana combined,” says the report. “The average tax rate the 55 companies currently pay to other countries on this income is a mere 6.7 percent, implying that most of it is booked to tax havens.”
The conservative Tax Foundation attacked the report saying that it cherry-picks a small sample of the Fortune 500 corporations, 55 of them, producing unreliable results. According to the Foundation, in general, corporations actually paid an effective rate of about 27 percent on their foreign income. A spokesman said the report provides “a misleading picture of the tax burden corporations pay overseas.”
Co-author of the report, Dan Smith of U.S. PIRG Education Fund, disagrees.
“Our tax code is broken, and it’s hurting the public. We simply shouldn’t allow companies that use American roads, and benefit from America’s education system and large consumer market, to take a free ride at the expense of the rest of us,” says Smith.
Findings in the report include:
Nike: $6.7 billion booked offshore, on which it would otherwise owe $2.2 billion in U.S. taxes. “That means they pay a mere 2.2 percent tax rate on those offshore profits, suggesting nearly all of the money is held by subsidiaries in tax havens,” reads the report.
Pfizer: $69 billion in profits booked offshore, the third highest among the Fortune 500. “The world’s largest drug maker, operates 128 subsidiaries in tax havens,” according to the report.
The Tax Foundation pointed out “almost every country on the planet is a tax haven compared to the United States.” According to the foundation’s review of IRS data, “U.S. multinationals paid $128 billion in foreign income taxes on $470 billion in reported taxable income in 2010. This is an effective tax rate of 27.2 percent.”
No one in their right mind should trust the Government.
The author who wrote Clinton Cash and sparked an FBI investigation into the Clinton Foundation is preparing to launch his highly anticipated investigative follow-up—a book that appears it will be every bit as explosive as his last.
On Monday, publishing giant Harper Collins released the book cover of Government Accountability Institute President and Breitbart News Senior Editor-at-Large Peter Schweizer’s forthcoming book, Secret Empires: How Our Politicians Hide Corruption and Enrich Their Families and Friends. While little is known about the book’s contents, five images on the book’s cover suggest that Schweizer’s next targets may include Senate Majority Leader Mitch McConnell (R-KY), former Vice President Joe Biden, former President Barack Obama, former Secretary of State John Kerry, and President Donald Trump’s son-in-law Jared Kushner.
According to the publisher, Secret Empires will expose vast corruption by top Washington figures who leverage their political power to enrich their family members and friends, often by helping grease deals with foreign entities.
The author of four major New York Times bestsellers, Schweizer has garnered praise from conservatives and progressives alike for his reputation as a nonpartisan deep-dive investigative journalist. Newsweek dubbed him “the wonk who slays Washington.” Indeed, among Washington insiders, the launch of a Schweizer book is regarded as somewhat of an event—one that has resulted in ethics probes, the passage of major anti-corruption legislation, members of Congress stepping down, and, in the case of the Clintons, an FBI investigation.
In 2012, 60 Minutes based a feature report on Schweizer’s book Throw Them All Out that exposed congressional insider trading by members of Congress. The 60 Minutes report won the Joan Shorenstein Barone Award for excellence in Washington-based journalism. After Schweizer’s revelations, Congress overwhelmingly passed a bipartisan bill called the STOCK (Stop Trading on Congressional Knowledge) to ban lawmakers from using insider knowledge to make personal stock trades. As left-leaning Slate noted, Schweizer wrote “the book that started the STOCK Act stampede.” One of the main targets of the book, the powerful chairman of the House Financial Services Committee Spencer Bachus (R-AL), announced he would not seek reelection following the book’s revelations.
In 2013, Schweizer released Extortion:How Politicians Extract Your Money, Buy Votes, and Line Their Own Pockets and sparked the resignation of Rep. Rob Andrews (D-NJ). Schweizer revealed that Andrews used $16,575 from his leadership PAC to jet he and his family to a lavish resort in Edinburgh, Scotland. CBS’s 60 Minutes partnered with Schweizer again to report Extortion’s findings. Following Rep. Andrews’s resignation, Schweizer said: “The Government Accountability Institute (GAI) is a nonpartisan investigative research team committed to exposing cronyism and misuse of taxpayer money. For those discouraged by the cronyism corrupting Washington, the Andrews resignation demonstrates that we can hold them accountable. For those in power who are engaging in self-enrichment, we have two words: watch out.”
Then in 2015, Schweizer sent shockwaves through Washington, DC, with the release of Clinton Cash. The book revealed that Hillary Clinton’s State Department, along with eight other agencies, approved the transfer of 20 percent of U.S. uranium and that nine foreign investors in the deal funneled $145 million to the Clinton Foundation. The New York Times ran a 4,000-word front-page story based on the book and confirmed its findings, as did the Washington Post and several others. Hillary Clinton’s campaign kicked into overdrive trying to refute the book’s myriad revelations. Surprisingly, some of Schweizer’s strongest defenders came from the political left. Progressive columnist Eleanor Clift hailed Schweizer “an equal-opportunity investigator, snaring Republicans as well as Democrats.” And Columbia University Earth Institute Director Jeffrey D. Sachs said Clinton Cash was “compelling reading on how Bill and Hillary have mixed personal wealthy, power, and influence peddling.”
A feature-length documentary film based on the book debuted at the Cannes Film Festival and also received wide praise. MSNBC said the film was “devastating” and that it “powerfully connects the dots.”
Later, in November 2016, the New York Times reported that an FBI investigation into the Clinton Foundation “was based mostly on information that had surfaced in news stories and the book Clinton Cash, according to several law enforcement officials briefed on the case.”
Will Secret Empires result in a similar political firestorm? For now, Schweizer isn’t saying.
“My publisher has me under a strict embargo not to reveal any contents from the book,” Schweizer told Breitbart News.
According to HarperCollins, Secret Empiresis slated to hit bookshelves nationwide March 2oth.
Deputy FBI Director Andrew McCabe is stepping down, according to NBC News.
He will remain on “leave” until spring, when he can officially retire from the FBI.
Update: According to Fox News, McCabe was “removed.” A source told the news outlet that this was the earliest date possible for the FBI to remove him and still leave him fully eligible for his pension. A CNN reporter has also shared this version of events.
McCabe’s departure has been expected for months. ABC News reported last year that McCabe planned to retire in March 2018, when he becomes fully eligible for pension benefits.
News of McCabe’s retirement comes the day the House intelligence committee is expected to vote on releasing a classified memo that details alleged FBI abuse of the Foreign Intelligence Surveillance Act (FISA) in investigating the 2016 campaign of then-presidential candidate Donald Trump.
The memo is expected to say that FBI officials obtained a FISA warrant to spy on Trump campaign foreign policy adviser Carter Page. Democrats and the FBI have been fighting the release of the memo, saying it would be “reckless” to do so.
McCabe has come under scrutiny from congressional Republicans, who have questioned why he only recused himself from the Clinton email investigation a week before the election when his wife had received hundreds of thousands in campaign donations from a close Hillary Clinton ally.
McCabe was appointed FBI Deputy Director in 2016 by former President Obama, and became acting director in May 2016, after President Trump fired James Comey.
Why don’t he interview Peter Strzok, Obama, or Hillary?
Special Counsel Robert Mueller is seeking an interview with President Donald Trump about his decisions to dismiss FBI Director James Comey and National Security Adviser Michael Flynn.
The Washington Post reports that Trump’s team has crafted negotiating terms for his interview with Mueller’s investigative team that could be presented to Mueller as soon as next week, according to two sources familiar with the special counsel’s plans.
According to the report, Mueller’s interest in those firings indicates his Russia probe is focusing on possible efforts by Trump to obstruct the investigation:
The president’s legal team hopes to provide Trump’s testimony in a hybrid form — answering some questions in a face-to-face interview and others in a written statement.
Those discussions come amid signs of stepped-up activity by the special counsel. Last week, Attorney General Jeff Sessions was interviewed for several hours by Mueller’s investigators, according to Justice Department officials.
A spokesman for the special counsel’s office, Peter Carr, declined to comment. A White House spokesman referred questions to the president’s legal team. Two attorneys for Trump, Jay Sekulow and John Dowd, declined to comment
Within the past two weeks, the special counsel’s office has indicated to the White House that the two central subjects that investigators wish to discuss with the president are the departures of Flynn and Comey and the events surrounding their firings.
Trump has been unclear on whether he would meet with Mueller, saying Jan. 10, “we’ll see what happens.” He has repeatedly said there was “no collusion” between his campaign and the Kremlin, and he has reportedly told his lawyers he has no worries about being interviewed since he has nothing to hide.
Trump fired Comey in May of 2017, and Comey has testified about previous conversations with Trump where he said the president asked him about laying off investigating Flynn.
Mueller interviewed Comey last year, the New York Times reported, and Comey was asked about the memos he kept about conversations with Trump while he was FBI director.
Trump fired Flynn in February after revelations that he misled Vice President Mike Pence and other administration officials about discussions with Sergey Kislyak, the Russian ambassador to the U.S.
Flynn pleaded guilty in December to making false statements to the FBI about his communications with Kislyak. Trump then tweeted he fired Flynn “because he lied to the Vice President and the FBI,” even though the White House had before only cited his lying to Pence as the reason for his ouster.
Mueller is also supposed to be interested in Trump’s prior pressuring of Sessions to quit. Trump reportedly berated Sessions and demanded that he resign for recusing himself from the Russia investigation and the resulting appointment of Mueller.
It was reported that Sessions offered his resignation, but White House advisers convinced Trump that Sessions’ departure would only add to the administration’s troubles.
These hypocrites want the tax-cut money from a President they hate.
SACRAMENTO — California lawmakers are targeting the expected windfall that companies in the state would see under the federal tax overhaul with a bill that would require businesses to turn over half to the state.
A proposed Assembly Constitutional Amendment by Assemblymen Kevin McCarty, D-Sacramento, and Phil Ting, D-San Francisco, would create a tax surcharge on California companies making more than $1 million so that half of their federal tax cut would instead go to programs that benefit low-income and middle-class families.
“Trump’s tax reform plan was nothing more than a middle-class tax increase,” Ting said in a statement. “It is unconscionable to force working families to pay the price for tax breaks and loopholes benefiting corporations and wealthy individuals. This bill will help blunt the impact of the federal tax plan on everyday Californians by protecting funding for education, affordable health care, and other core priorities.”
As a constitutional amendment, the bill would require approval from two-thirds of the Legislature to pass, a difficult hurdle now that Democrats have lost their supermajority. If passed and signed by Gov. Jerry Brown, it would then go to voters for final approval.
Democrats lost their supermajority following resignations of two Assembly Democrats, Matt Dababneh of Encino (Los Angeles County), and Raul Bocanegra of San Fernando Valley (Los Angeles County) amid sexual misconduct allegations. Another Assembly Democrat, Sebastian Ridley-Thomas of Los Angeles, resigned citing health issues. In the Senate, Democrat Tony Mendoza of Artesia (Los Angeles County) is taking a leave of absence pending an investigation into sexual misconduct allegations.
California Democrats have been exploring ways to help those in the state who could end up paying higher federal taxes next year under the Republican tax overhaul.
The GOP overhaul caps state income taxes and local property tax write-offs on the federal income tax return at $10,000, a move expected to hurt high-local-tax states such as California, where the average state and local tax write-off in 2016 was $22,000.
State Senate President Pro Tem Kevin de León introduced legislation this month that would allow Californians to get around the state and local tax cap with a voluntary donation to a charitable fund created by the state of any amount of owed taxes above $10,000. That donation — in lieu of taxes — would allow donors to write off the gifts on their federal tax returns.
Members of the House on Thursday said they viewed a “shocking” classified memo allegedly detailing abuse of the Foreign Intelligence Surveillance Act (FISA) by senior Justice Department and Federal Bureau of Investigations officials in relation to the investigation of the Trump campaign and called for it to be declassified and available to the public immediately.
“It’s troubling. It is shocking,” Rep. Mark Meadows (R-NC) told Fox News. “Part of me wishes that I didn’t read it because I don’t want to believe that those kinds of things could be happening in this country that I call home and love so much.”
Lock These Bastards Up Also.
“The facts contained in this memo are jaw-dropping and demand full transparency. There is no higher priority than the release of this information to preserve our democracy,” saidRep. Matt Gaetz (R-FL), a member of the Judiciary Committee, which oversees the DOJ and the FBI.
Go to Jail’ Over Intel Memo
Another Judiciary Committee member, Rep. Steve King (R-IA), called what he saw in the memo “sickening” and said it was “worse than Watergate.”
I have read the memo. The sickening reality has set in. I no longer hold out hope there is an innocent explanation for the information the public has seen. I have long said it is worse than Watergate. It was #neverTrump & #alwaysHillary. #releasethememo
Rep. Ron DeSantis (R-FL), another Judiciary Committee member, called the memo “deeply troubling” and said it raises questions about the “Obama DOJ and Comey FBI.”
“The classified report compiled by House Intelligence is deeply troubling and raises serious questions about the upper echelon of the Obama DOJ and Comey FBI as it relates to the so-called collusion investigation,” he tweeted.
The classified report compiled by House Intelligence is deeply troubling and raises serious questions about the upper echelon of the Obama DOJ and Comey FBI as it relates to the so-called collusion investigation.
“You think about, ‘is this happening in America or is this the KGB?’ That’s how alarming it is,” Rep. Scott Perry (R-PA) told Fox News.
No Damn get out of jail free cards.
“It is so alarming the American people have to see this,” Rep. Jim Jordan (R-OH), a senior member of the Judiciary Committee, also said to network.
The viewing of the memo came after all Republican members of the House intelligence committee, whose investigators compiled the classified memo, voted Thursday to make it available to all House members. Every Democrat on the committee voted against it.
According to Gaetz, the memo’s contents could lead to the firing — and perhaps even jailing — of senior DOJ and FBI officials.
“I think that this will not end just with firings. I believe there are people who will go to jail,” he said on Fox News’ Hannity.
He said what he saw in the memo also explains why Senate Judiciary Committee Chairman Chuck Grassley (R-IA) and Judiciary Subcommittee Chairman Lindsey Graham (R-SC) recently referred the Fusion GPS dossier author Christopher Steele for a criminal investigation.
“I think there will be criminal implications here,” Gaetz added.
The memo also reportedly contains information about the dossier put together by Fusion GPS that alleged Trump and members of his team colluded with Russians in the 2016 election, according to a report by investigative journalist Sara Carter.
It was revealed in October that the dossier was funded by the Hillary Clinton campaign and the Democratic National Committee. Despite being a political document, the dossier was reportedly part of the evidence FBI officials used to apply for and obtain a warrant through a secret FISA court to spy on Trump campaign adviser Carter Page.
Page told Breitbart News in a statement: “After over a year of inciting discord and threats of violence across America, it’s encouraging that the individuals in Washington responsible for these efforts to undermine our great democracy may be held accountable soon.”
Breitbart News reported on March 3, 2017, that the Obama administration took steps to undermine Trump’s presidential campaign using “police state” tactics, including spying on the Trump campaign. That report is widely believed to have led to President Trump’s tweet that later accused the Obama administration of wiretapping Trump Tower.
Members of the public and Congress are now calling for the document to be declassified and released to the public.
Immediately #ReleaseTheMemo#FISAMemo & ALL relevant material sourced in it. Every American needs to know the truth! We wouldn’t be revealing any sources & methods that we shouldn’t; only feds’ reliance on bad sources & methods.
DeSantis said the House intelligence committee, pursuant to House rules, should vote to make the report publicly available as soon as possible.
“While the report is classified as Top Secret, I believe the select committee should, pursuant to House rules, vote to make the report publicly available as soon as possible. This is a matter of national significance and the American people deserve the truth,” he said.
“Rule X of the House Rules allows the select committee to publicly disclose any information in its possession after a determination by the select committee that the public interest would be served by such disclosure.”
According to House Rules, if the House intelligence committee votes to make the report public, President Trump would have five days to issue an objection. If he objected, it would take a vote on the House floor.
