RAHWAY — Lisa McCormick, the Democrats for Change candidate for state Senate from Rahway, says America should make corporate tax dodgers pay their fair share to take part of the burden off middle class working people.
“Riding record profits and taxpayer-funded bailouts as the rest of us wait for the job market to recover from a financial crisis created in corporate board rooms, nearly two-thirds of U.S. corporations don’t pay any income taxes,” said McCormick. “Opting to abuse tax loopholes and offshore tax havens while the economy creeps along, these corporations are abandoning their responsibility and cheating everyone who plays by the rules.”
“According to a study from the non-partisan Government Accountability Office, 83 of the top 100 publicly traded corporations that operate in the US exploit corporate tax havens,” said McCormick. “Since 2009, America’s most profitable companies such as ExxonMobil, General Electric, Bank of America and Citigroup all paid a grand total of $0 in federal income taxes to Uncle Sam.”
“Up to $1 trillion in tax revenue is lost every decade to tax havens, although that money could be invested in K-12 education, colleges, public health, job creation and hundreds of other worthy public programs,” said McCormick. “Middle class workers are paying to subsidize corporate profits.”
“Sixty-three of the 100 largest publicly traded federal contractors in fiscal year 2007 had subsidiaries in foreign jurisdictions that allowed them to escape their tax obligations, according to the GAO report” McCormick said. ““For too long, tax dodgers have been able to cheat all Americans by stashing assets offshore.”
“Instead of contributing a fair share of the taxes, companies like Verizon are paying off politicians to allow them to jack up rates for elderly and poor phone subscribers,” said McCormick, who noted that Union County politicians Sen. Ray Lesniak and Asm. Joe Cryan sponsored state legislation that could have doubled senior phone bills.
“It’s time for ordinary Americans to fight back and demand an end to the corporate tax avoidance,” said McCormick. “If you want a tax break, you have to make sure big businesses are paying a fair share by electing new leadership because Ray Lesniak’s gang of crooked politicians are working for the other side.”
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