Do Away with Tax Havens for Large Corporations!

May 6, 2009

We all have heard the stories about banks, financial institutions, the auto industry, and their failings to the point of going under. It is all over the news and media. Should the government help bail these corporations out in order to help the nations financial situation? Well that question is certainly debatable by each of us.

What really burns me up, and I saw it first hand last night on "Rachel Maddow's" hour long daily news hour. I have to say I really like this woman. Rather than be "one sided", she tries to give the facts, she has others on both sides come in and give information, and even though she may add a tiny bit of her own "two cents" in, I feel she is one of the most non-biased reporters we have.

I always knew about American companies "hiding" money throughout certai places of the world. The Cayman Islands is just one that stays in the news. Also Luxemborg is another, along with several more. But, when I heard the facts that include THOSE THAT TOOK BAILOUT MONEY! I was totally ENRAGED!

When an average wage earner makes around 50,000.00 a year and pays 25% in taxes, as high as that is, those are the people that PAY THEIR TAXES!

But, you take companies like BANK OF AMERICA, MORGAN STANLEY, and many, many more that hide their money in these places such as the Cayman Islands... and guess what??? They DO NOT PAY ONE DIME IN TAXES! Even though most huge companies should pay around 35%, due to them hiding their earnings in off short accounts, they literally for the most part pay nothing! No wonder our nation is BROKE! In the Cayman Islands, there is one 5 story building, (note a small parking lot with NO cars there), and that building has 18,000!!! businesses claiming they have an office there! Yes, I said 18,000!

It is no wonder we are in the financial dilemna as far as our government goes. When you add up these companies that do not pay what they owe in taxes due to the "loopholes" that Bush and Cheney condoned... mmmm. wonder why... can you say Big Oil, Kickbacks and Lobbyists?? ... our government loses about 21 BILLION DOLLARS in tax money a year!!!

This should really enrage each and every hard working American! Then, the REPUBLICANS have the audacity to say that President Obama is trying to INCREASE the taxes businesses pay! That is a bunch of bull... no HE IS GETTING RID of the Loopholes that allow these huge companies to NOT PAY taxes, so they will finally contribute to their own country!

We should be mad as heck, to put it mildly, and back getting rid of these loopholes once and for all.

Note this first one is BANK OF AMERICA ASKING FOR MORE BAILOUT MONEY!!!
Here are some URL's with information:

http://www.nytimes.com/2009/05/06/business/06stress.html?partner=rss&emc=rss

http://www.nytimes.com/2009/05/05/business/05tax.html

http://www.huffingtonpost.com/2009/05/04/republicans-defend-tax-ha_n_195617.html

http://www.youtube.com/watch?v=wsc-npUcuC8

http://www.bloomberg.com/apps/news?pid=20601087&sid=aaXFFJBizJtc&refer=home

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