Sanders confronts corporations for tax

Posted: Jun 17, 2015

Sorry, no MTSOs. Today, a group of 80 CEOs are lecturing Congress about the need to cut Social Security, Medicare, and Medicaid, while lowering tax rates for millionaires, billionaires, and the largest corporations in America. These are some of the same CEOs who head corporations that:  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 just four years ago;  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;  avoided at least $34.5 billion in taxes by setting up more than 600 subsidiaries in the Cayman Islands, Bermuda, and other offshore tax havens since 2008; and  a dozen of these companies paid no corporate income taxes in at least one year since 2008, while receiving more than $6.4 billion in tax refunds from the IRS, after making billions in profits. In other words, these are some of the same people who have significantly caused the deficit to explode over the last four years. The last thing we need to do is listen to these deficit increasing CEOs. Here are just a few examples of how the corporations these CEOs work for have significantly harmed our economy and the federal budget: http://www.sanders.senate.gov/imo/media/doc/102512%20-%20JobDestroyers3.pdf;