‘Tax day’ 2015 is here but not all of us will be paying our fair share. Once again, major profitable corporations and Wall Street executives have successfully avoided paying billions in taxes by exploiting complicated tax loopholes like inversions, carried interest, valuation discounts and real estate investment trusts.
As the country faces an $18 trillion national debt and has immediate infrastructure and social needs, the most profitable corporations and wealthiest individuals are being subsidized to make even more money.Consider that in 1952, the corporate income tax accounted for 32 percent of all federal tax revenue. Today, despite record-breaking profits, corporate taxes bring in just 11 percent. Unfortunately, congressional Republicans still don’t think that corporations should pay what they rightfully owe.
While the Republicans have made it clear they won’t act, the administration has the ability to close some of these outrageous loopholes by amending federal regulations and administrative rulings that were created long ago at the behest of corporate lobbyists. In other words, some of these loopholes were created by previous administrations and they can be closed by this administration.
Join me in calling on President Obama and Treasury Secretary Lew to take executive action to close corporate tax loopholes that are robbing American taxpayers.
Instead of balancing the budget on the backs of the elderly, the children, the sick, and the poor by cutting Social Security, Medicare, education and other vital programs, let’s make sure profitable corporations pay their fair share of taxes. The Obama administration can take executive actions to close egregious loopholes and stop corporations from hiding profits in offshore tax havens like the Cayman Islands. The time to act is now.
Tell President Obama and Treasury Secretary Lew to take action and eliminate these loopholes now!
Sincerely,
U.S. Senator Bernie Sanders
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