The tax code is rigged

From Sentaor Elizabeth Warren’s Campaign

Huge corporations hire armies of lawyers and lobbyists to create, expand, and protect every last corporate loophole.

That’s how we end up with a tax code that makes teachers and bus drivers and small business owners pay, but that allows some huge American corporations to make billions of dollars and not pay a single dime in taxes.

Simply put, the tax code is rigged.

Apparently, even this rigged game doesn’t go far enough for some corporations. Those companies are taking advantage of a new move: a loophole that allows them to maintain all their operations in America, but claim foreign citizenship so they can cut their US taxes even further.

That means American companies can hire a bunch of lawyers and Wall Street bankers, fill out some paperwork, and dodge their US taxes.

Tax lawyers call this process a “corporate inversion.” But don’t let that bland name fool you – these companies are renouncing their American citizenship, turning their backs on this country, simply to boost their profits.

If a person did that, we’d call them a freeloader and insist that they pay their fair share. And that’s exactly what our tax laws do for people who renounce their American citizenship. But when corporations do it, they don’t suffer any consequences at all.

Forget whether corporations are people – in this corner of the tax code, we’re treating corporations better than people.

That’s not right. That’s why I’ve teamed up with Senator Levin and more than a dozen of our Democratic colleagues to introduce the Stop Corporate Inversions Act. The bill is simple: it allows American corporations to renounce their citizenship only if they truly give up control of their company to a foreign corporation and truly move their operations overseas.

Sign up now to show your support for the Stop Corporate Inversions Act. Let’s make giant corporations pay their fair share.

In Massachusetts and across the country, we invest in public education to produce millions of skilled workers. We invest in infrastructure, in our roads and bridges and ports, making it easier for our companies to move products to market. We invest in scientific and medical research, giving our companies access to the most innovative and cutting-edge technologies.

America is a great place to do business because of the investments we have made together. We invest together to make America a place where any kid will have a chance to come up with an idea and turn it into the next great American company.

The companies that are pursuing these corporate inversions know all of this. That’s why they are not actually leaving America behind. They just don’t want to pay for it.

Sign up now to show your support for the Stop Corporate Inversions Act to close the loopholes for giant corporations..

Our achievements aren’t magic. They didn’t simply happen on their own or through dumb luck. America works – our government works – our democracy works – because we all pitch in and do our part to build the things that none of us can build alone. The things that give everyone a chance to succeed.

We’ve had enough of rich corporations taking whatever they want and expecting everyone else to pick up the pieces. The time for freeloading is over.

Thank you for being a part of this,

Elizabeth

P.S. As of this morning, we have 992,932 Facebook fans fighting to level the playing field for working families. Can you help us reach a million? If you haven’t already done so, please “like” our page or ask your friends to be the ones that push us over the top. Thanks!

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Council should amend election year proposal or leave to Charter Review

Open letter to the Pierce County Council Members,

I am writing to comment on the changing of elections for County seats from even to odd years. Although I was at the last meeting, you continued the issue, so I did not comment. I am making these comments as election advice, with a smattering of humor to make a point from the view of an average person at the polls.

I have experience with campaigning. I understand the pile-on impact of a Presidential year with a US Senate election and governor is a tough time to get attention, votes, money or interest at all in a lower level race. Resources such as volunteers are also spread thin. I understand the reason you would want to make this change. Having just been involved in the 2012 election. I truly understand.

BUT – and this is a very big BUT. There are two major flaws I see in your consideration of this change.

1) It looks bad for the County Council making a Charter change that benefits themselves among others. I feel very strongly about this. You really should leave this up to the Charter Review Committee. Getting someone to present the idea is not that difficult and the Charter Review is only a couple years away.

2) When and if this change is made, it should create the staggering years by making the term 3 years, not 5. Once again, you have the appearance of making things better for yourselves rather than making it appear the change is enough worth it to take a shorter term, thus giving away something rather than taking a bigger helping. For this my tongue-in-cheek sound here: [snork, snork, piggies at the trough] You need to avoid that impression.

If you want to make this change and get the votes, back off a little on what you get in the deal. Better yet, wait for Charter Review to acknowledge it.

Marianne Lincoln

Editor, Pierce Prairie Post