July 3, 2013
Americans for Tax Fairness reports, "The Government Accountability Office -- an arm of Congress that audits and evaluates government activities -- just released a new study of the tax rates that U.S. corporations pay. It found that the average corporate tax rate for profitable corporations is 12.6%. That's about one-third of the corporate statutory rate, thanks to loopholes and to the deductions companies can claim. It's about one-half of the tax rate paid by many working people."
Progressive Point: Those who've done well in America ought to do well by America and pay their fair share. It's time to stop corporate tax dodging and invest in the U.S. again by ending the tax loopholes that encourage corporations to ship profits and jobs overseas. We can use that money to invest in jobs in America - making classrooms less crowded, improving roads and bridges, rebuilding manufacturing and making us energy independent.
This 4th of July would be a good time for our nation's big corporations to display some real patriotism by investing in America and sharing responsibilities. When big businesses ship profits and jobs overseas to dodge their fair share of taxes, they hurt our country. That's not patriotic. If we close tax loopholes that allow big companies to shelter their profits in the Cayman Islands and other tax havens to avoid paying their fair share of taxes, we could raise $600 billion over the next decade. It's time to bring those profits and factories and jobs back to the United States.
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