Plutocracy: TARP and Corporations avoiding taxes w/ off-shore accounts

from The Nation
Government Accountability Office calculated in 2008 that 83 of the US's 100 corporations hide fortunes in tax havens [PDF]
http://www.gao.gov/products/GAO-09-157
Bailout Recipients
http://projects.propublica.org/bailout/list/index
According to a congressional report, the cost of offshore tax abuses could be as high as $100 billion per year
http://assets.opencrs.com/rpts/R40623_20090709.pdf

Category:

News & Politics

Tags:

• TARP
• corporations
• bankers
• banks
• foreclosure
• crisis
• bailout
• tax
• dodging
• Jeff
• Immelt
• GE
• Plutocracy
• paul
• ryan

[tomitstube]

@1969pontiac1 ~ all good questions. the reason this goes on is the irs has it's hands tied by tax loopholes. loopholes affixed and buried in congressional bills passed by your politicians. just like subsidies these companies receive, it's all perfectly legal because 'the peoples congress' voted for these things.

we elected obama because he promised to close these tax havens. he again announced it one month after becoming president.

we're still waiting.

[1969pontiac1]

This may be a dumb question, but why did the President let this money go out or congress or whom ever. If they know this is going on. Where is the IRS? Why does it keep on going on? With the jobs going away, and I use to work for one of the companies on this video, where will the tax money come from to run the country? No one is working, so they do not pay taxes...The future does not look good for my kids or grand kids at this rate. Greed will be the downfall of the USA.

[Roonskii]

reagans policies killed this country.

[Roonskii]

@goog2k Instead they recieved an obscene tax refund.

[tracer740]

The realizations inferred from digesting this information do not support feelings of confidence or goodwill in the ethical standards of these large banks and financial institutions,... at least, not on my behalf.

[chgosatrap]

I am wondering if we ARE broke, Seems to me, if you are broke, you don't have trillions to give away. When death panel repubs start applying for food stamps and jobs at fast food places, I will then believe the USA is broke.

[OregonDARRYL]

This is the pillaging of America by the fat-cat, thieving bastards. Until this country gets smart enough to realize that they keep electing the liars who are in bed with the theives.... we are screwed. People need to know ONE thing.... America is 14 trillion dollars in debt. Since 1985 the wealthiest 5% have seen their net worth go from 8 trillion to over 40 trillion! Let's get it back. Whatever it takes. The rich have already started the class war ON YOU - we need to engage them.

[therealcharismatron]

Happy to have subscribed!

[justonefirefly1]

Thanks - Ralph - information is what none of them want in the hands of the Americans

[FlowerClown]

In a free market they should have filed for bankruptcy or just locked the doors.