Monday, July 21, 2014

THE ECONOMIC CRIME OF THE CENTURY

After 25 years of calling on the US  to stop this scam to Puerto Rico and the US Taxpayer, some are listening!

For almost 30 years I have been calling public attention to an IRS legal offshore tax evasion scam (See some of the articles in this Blog) which affect the US taxpayer and US jobs.

It is the US workers who dig deep in their pockets to carry the burden of supporting our government and have lost their jobs to third world low salaries countries while multinational and US Corporations and the richest individuals do not.


Puerto Rico, a US Territory of US Citizens in the Caribbean has paid the highest price in this scam. They, along with our unscrupuous political leaders, have Puerto Rico classified as a foreign country for tax purposes. That last one is Law 22 which will allow US Billionaires to become residents of Puerto Rico and not pay taxes. There are already about 600 persons who have requested this special tax privilege and have qualified.

This tax evasion scheme has denied us, who are and live in Puerto Rico, from enjoying  our basic political rights as US Citizens. 

WE DO NOT HAVE REPRESENTATION IN CONGRESS OR CAN VOTE FOR THE PRESIDENT.

Worse yet....it is the main reason for the economic problems in the US and Puerto Rico. Corporations and Billionaires with millions in petty cash to influence politicians, want you to believe that for a Nation to be prosperous you tax the poor and not the rich. Really? 
MJR 

Jack Lew calls for ‘economic patriotism’ to end tax maneuver
POLITICO
Ben White
July 15,2014
The Obama administration late Tuesday called on Congress to immediately pass legislation to block U.S.-based multinational companies from moving their headquarters overseas in order to get a lower tax rate.

In a letter to Senate Finance Committee Chairman Ron Wyden (D-Ore.), Treasury Secretary Jack Lew called for a “new sense of economic patriotism” in which U.S.-based companies are no longer allowed to do “inversion” transactions only for the purposes of changing their tax domicile.


Several such transactions have been proposed recently including by U.S. drug makers Abbvie and Mylan. Lew wants legislation to be retroactive to May to block such transactions. He again called for full corporate tax reform to lower the top U.S. rate, which at 35 percent is higher than many other countries. But he said Congress should move to block inversions until that happens.

House Democrats have pushed for legislation limiting inversions, led by top Ways and Means Committee Democrat Sandy Levin of Michigan. Wyden, however, has been more cautious saying at times that he would prefer to tackle it with full scale tax reform, which remains a long ways off.

Read more: http://www.politico.com/story/2014/07/jack-lew-tax-maneuver-108966.html#ixzz386sX5A9E