Friday, December 7, 2012

WHAT AMERICA COULD DO WITH $150 BILLION LOST TO OFFSHORE TAX HAVENS

Miriam Ramirez
THESE ARE THE FORCES AGAINST STATEHOOD FOR PUERTO RICO !
Puerto Rico, a territory of the United States,  has been coded by the IRS as a Foreign Country due to intense lobbying by multinationals and local colonial millionaires, so it can be used as a foreign offshore tax shelter. 

This has destroyed Puerto Ricans' rights to Democracy (We cannot vote for the President, have no Representation in Congress); unemployment is rampant; and per capita is half of the poorest state.

Statehood won the last plebiscite by almost 64%, yet these immensely powerful economic forces, aided by unscrupulous filthy rich politicians from all sectors, are now in an all out effort to stop the process to statehood by saying that those who did not vote actually won.

It is in their best interest that Puerto Rico remain a colony so their pockets over flow with American dollars. In all these years, Puertoricans are poorer by the day.  This blatant scam to the American people is also the main reason why today the United States finds itself in a fiscal cliff and Puerto Rican's are leaving the island in despair.  

SHAME ON EVERYONE WHO IS A PLAYER IN THIS LOATHSOME SCHEME. MJR

Offshore Tax Dodging Costs U.S. $150 Billion Annually; Groups Illustrate Impact with 16 Dramatic Ways Lost Revenue Could Be Used
For Immediate Release
THURSDAY, DECEMBER 6, 2012
With Congress scrambling to agree on ways to reduce the deficit, ConnPIRG pointed out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government $150 billion in tax revenue each year.  ConnPIRG released new data illustrating the size of this loss with 16 dramatic ways $150 billion could be spent.
more: http://connpirg.org/news/ctp/first-step-avoid-fiscal-cliff-close-offshore-tax-loopholes

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It’s Time to End Offshore Tax Havens
Americans deserve a tax code without loopholes that allow special interests to shirk their tax burden at the expense of ordinary taxpayers. The federal government can work towards achieving that goal and recapturing much of the $150 billion lost to offshore tax havens by implementing reforms such as:

Eliminating incentives for U.S. companies to transfer intellectual property oversees by tightening transfer pricing rules. Preventing corporations from reporting different income figures to different countries.

Treating the profits of “foreign” corporations that are managed and controlled in the United States the same as domestic corporations. Preventing corporations from taking bigger tax credits than they are entitled to by requiring them to report full information on tax credits they receive from foreign governments.

Preventing U.S. multinational corporations from deferring payment of U.S. tax on the profits they attribute to their foreign entities. Ending the “active financing exception” and the “controlled foreign corporation” look-through rule that let companies artificially shift profits offshore.

Download the report for details on what public interest priorities we could fund by recapturing the $150 billion lost to offshore tax havens:
http://connpirg.org/sites/pirg/files/reports/USPTaxHavens%20Cost%20%24150%20billion.pdf