Thursday, November 15, 2012

WIN: 63 CEOs call for billions in tax breaks

US corporate taxes are in the bottom third of the industrial nations

By Doug Cunningham
Sixty-three CEO’s representing the largest U.S. corporations have launched a campaign calling for $134 billion in tax breaks. 

According to a report by the Institute for Policy Studies the corporations want the U.S. to switch to a “territorial” corporate tax system, similar to a Mitt Romney proposal. 

The report says if that happens thee corporations could reap tax breaks of up to $134 billion. Under the guise of “fixing the debt” these corporations want to exempt foreign earnings from U.S. taxation. 

The single biggest beneficiary if this corporate tax system were adopted would be General Electric, which has overseas earnings of roughly $102 billion. 

Actual U.S. corporate tax revenue has plunged despite a 60-year high in corporate profits.

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