The debate over ‘Tax Fairness’ is being brought up by the political candidates on a regular basis, and rightly so. Taxation is such a ‘huge’ part of everyone’s daily lives. It’s not just about what happens on April 15th each year. The combined effect of all of the ‘tax layering’ is really the big issue, but that’s not the focus of this post.
In an article written by Javier E. David he brings out the statistics of just how many dollars in taxes the “El-lite” corporations dodge with their sophisticated tax avoidance structues and strategies. All well and good for them, but the point is; ‘it’s not a level playing field’. If the average working people and small business owners in this country have to tow the line on paying taxes, why then are the ‘crony-capitalists’ allowed to bypass tax liabilities and average citizens are not? If the government is going to levy taxes should said tax levies not be ‘shared equally’ amoung evryone?
SOP’s observation about the status quo is expressed in our song “Jurisdiction B”. The fact is there are two separate Jurisdictions set up in the Universal Commercial Code system of commerce; The “A” sector and the “B” sector. When you understand that, you’ll understand why “El-lite” multi-national corporations can rack up hundreds of billions of dollars in income; stash the cash offshore, and have a minimal effective tax rate.
Here is a quote from the Javier E. David article;
“Big multinational companies that shelter overseas profit from federal taxation cost the U.S. economy more than $100 billion a year by withholding more than $1 trillion collectively, according to a new study that may inflame the debate over tax fairness.
This week, anti-poverty group Oxfam America published a report that analyzed the financial reports of the 50 largest publicly traded U.S. companies. The organization found that behemoths such as Apple, General Electric, Microsoft and Google engage in tax havens that costs the U.S. $111 billion annually. Apple was cited by Oxfam as one of the biggest corporate offenders, holding some $181 billion in money offshore, followed by GE’s $119 billion and Microsoft’s $108 billion.”
Is it any wonder why people are ‘so angry’? Why people are so disillusioned with the status-quo.
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