Sanders Bill Would Force Corporations To Pay More

Posted by | April 15, 2015 15:00 | Filed under: Economy Politics

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Bernie Sanders wants to increase taxes on corporations.

The Corporate Tax Dodging Prevention Act of 2015 would prohibit American companies that do business overseas from not paying a share of their profits to the federal government. According to the Senator’s legislation, “Current law allows American corporations to defer paying U.S. income taxes on profits of their offshore subsidiaries until those profits are “repatriated” (officially brought to the U.S.).”

The legislation would also close loopholes that allow U.S. corporations working in international nations to only be taxed by foreign nations, since the businesses are working and employing in the foreign nation.  Sen. Sanders legislation would allow for double-taxation on profits, one tax for foreign nations and one tax for the United States.

During a news conference where he revealed his new idea, the Vermont senator noted the rising national debt and continued rhetoric from the past on American corporations avoiding taxes.

“At a time when we have a $18.2 trillion national debt and an unsustainable federal deficit, at a time when many of the largest corporations in America are paying no federal income taxes, and at a time when corporate profits are at an all-time high, it is past time for corporate America to pay their fair share in taxes so that we can create the millions of jobs this country needs,” Sanders said.

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Copyright 2015 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.

7 responses to Sanders Bill Would Force Corporations To Pay More

  1. Dwendt44 April 15th, 2015 at 16:30

    Corporations USED to pay about 30% of the federal revenue. Now it’s down to ~7%. Guess who takes up the slack.
    The poor, the working poor, and the low income folks, that’s who.

    • amongoose April 15th, 2015 at 18:25

      You pay their tax in the form of higher costs for goods and services. All businesses pass their “cost of doing business” onto the consumer.
      If you want to make sure corporations pay their “fair share” go after the Apples, IBMs, GEs, and others who shelter their profits overseas.

      • Dwendt44 April 15th, 2015 at 19:47

        Or billionaires that hide their wealth in the Cayman Islands.
        That old ‘pass it on to the customer’ canard is getting a little thread bare. There’s plenty profit to allow for paying reasonable taxes in addition to the other costs associated with doing business. What they save on taxes from creative accounting often goes right into the pocket of the owners or the CEO.

        • amongoose April 15th, 2015 at 20:08

          Or hide their money in trusts, or other tax dodges passed by the very people they contribute to.
          What is reasonable?
          Government at all levels consume almost half of all income.
          The federal government alone is almost 25%.
          How much is enough?

          Have you ever owned a business?

          • Dwendt44 April 15th, 2015 at 20:27

            Not sure your claim about 25% is accurate. But it’s not so much about the rate, though the GOP and their minions want to keep cutting the rate for corporations. The fact is over 25% (closer to 30%) of corporations don’t pay ANY income tax at all. That’s a place to start.
            As has been mentioned before, the rich got richer when the tax rate was 90%. The rich got richer when the tax rate was 70%. and the rich got richer still when the tax rate was 35%; difference being they got richer faster as the rates dropped. Similar for corporations.

            • amongoose April 17th, 2015 at 09:58

              Figures vary it’s around 25%.

              I agree we need some serious tax reform. There are over 70,000 pages of IRS rules, most benefit certain groups set up by the people who donate to them.
              .
              I prefer a flat tax. One of the provisions in Armey’s bill I liked was the single deduction, of 50k for every household.
              .
              Corporations who move their profit overseas to avoid taxes should be
              in my opinion,
              1) denied the ability to lobby as they represent a foreign interest.
              2) have a tax rate levied on them as we do on citizens working overseas.
              3) have two corporate tax rates, one domestic which would be lower to encourage keeping jobs here, and a higher tax rate to discourage moving jobs overseas.
              4) deny foreign based companies from getting government contracts.

  2. oldfart April 16th, 2015 at 01:12

    …and so would I.
    but the way i see it, the problem is corporations can afford to buy my representatives
    and i cant.

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