Apr 17 2012

How Corporations Dodge Taxes Through Loopholes

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As Americans struggle to meet today’s deadline to file taxes on income earned in 2011, the US Senate stopped in its tracks a piece of legislation aimed at taxing the rich. The so-called Buffett Rule, named after benevolent billionaire Warren Buffett, failed to move ahead for debate with 51 votes in favor, and 45 against. The Fair Share Tax needs a minimum of 60 votes to proceed. President Obama has been campaigning for the tax rule around the nation in what Republicans have deemed an electioneering ploy. The GOP has dismissed the Buffett Rule saying it does little to reduce the federal deficit and further complicates an already complex tax code. But a day after the vote was taken, a CNN/ORC poll this morning found that “68% of respondents said the current tax system benefits the rich and is unfair to ordinary workers.”

Meanwhile, activists across the country are holding “tax day” related actions today with groups like Moveon.org targeting elected officials who support corporate tax subsidies among other things. And, many Occupy Wall Street protesters have revived their occupation, this time in front of the New York Stock Exchange. However, NYPD officers yesterday began making arrests – an action that Occupy activists say violates a past legal ruling that allows sleeping on sidewalks in New York City within certain limits. Occupy Wall Street activists have scheduled a series of events today targeting companies that pay little or no taxes including Bank of America, Wells Fargo, GE, Bain Capital, JP Morgan Chase, and Verizon.

And here in Southern California, Occupy LA activists are joining a number of community organizations and unions in downtown Los Angeles. They plan to drop a banner that reads “It’s never Tax Day for the 1%,” and march through downtown for a 12 noon “Tour of Corporate Tax Dodgers,” followed by a 4:30 pm “Rally for the 99%,” and ending with an 11 pm “Tax the Rich, Save our Schools” petition drive.

GUEST: Scott Klinger, Associate Fellow of the Institute for Policy Studies (IPS), has worked in the field of corporate social responsibility for nearly three decades. He helped file the first shareholder proposals on corporate taxes in the early part of the last decade; co-author with Sarah Andersen of “Six Rigged Rules Corporations Use to Dodge Taxes.

Visit IPS online at www.ips-dc.org.

Click here to read Scott Klinger’s article about Corporate Tax dodgers.

LA’s Tax Day Protest details:

Day of action – 99% take over downtown LA because it’s never tax day for the 1%.

7:00 am – It’s Never Tax Day for the 1% Banner Drop. Activist to drop banners from overpasses and engage drives at downtown intersections.

Noon – Downtown Tour of Corporate Tax Dodgers. 1,000+ to march from the downtown financial district at 333 Hope Street, calling out corporate tax dodgers.

4:30 pm – Rally for the 99%. Hundreds to rally in Pershing Square, calling on millionaires to support tax reforms.

11:00 pm – Tax the Rich, Save our Schools Petition Drive. Activists to gather signatures for Governor Brown’s initiative at the 24-hour Post Office on 9029 Airport Boulevard, Los Angeles, CA 90009

NOTE: Downtown drivers should expect serious traffic delays and rolling street closures during the noon march.

One response so far

One Response to “How Corporations Dodge Taxes Through Loopholes”

  1. truedaton 17 Apr 2012 at 7:11 pm

    If you look in the dictionary under “corporate greed” you should see the Verizon logo.
    The company is healthy and profitable, the CEO just raised his own pay from 7 million to 24 million dollars, While you and I pay a 33% tax rate Verizon some how gets refunds.
    So how does this corporation repay this country?
    By sending American jobs overseas and trying to take away the pensions, healthcare and other benefits from 45,000 union employees that helped build them into the successful company they are!
    If the public does not wake up to the kind of corporate bad citizenship that is running amok lately then the middle class will be extinct soon.