Press enter to search
Inequality

The Corporate Pirates Assaulting Social Security

Research & Commentary
June 14, 2013

by Inequality.org

The CEOs with the corporate lobby group ‘Fix the Debt’ are pushing a ‘tax reform’ that could almost instantly cost the federal treasury as much as $173 billion.

Pirates plunder. Pirates don’t pay taxes on their plunder. And pirates love to frolic in the Caribbean.[pullquote]The CEOs of America’s biggest corporations have been parking billions in overseas tax havens throughout the Caribbean.[/pullquote]

That’s how pirates operated back in the day. And that’s how pirates operate today. Only back centuries ago pirates brandished gaudy cutlasses. Today’s pirates brandish gaudy cufflinks.

Today’s pirates lead America’s biggest corporations, and these “corporate pirates,” details a new Institute for Policy Studies report, pocket more loot than Blackbeard and his buddies could have ever imagined.

The CEOs of America’s biggest corporations, the new IPS Corporate Pirates of the Caribbean report shows, have been parking billions in overseas tax havens throughout the Caribbean. Now they’re “brazenly seeking to widen tax haven loopholes” with a full-court press on behalf of a tax “reform” they call a “territorial tax system.”[pullquote]At the end of 2012, the CEOs of ‘Fix the Debt’ companies had $544 billion in profits sitting overseas.[/pullquote]

This “reform” would permanently exempt the foreign earnings of U.S. corporations from U.S. federal income taxes — and give these corporations even more of an incentive to play the accounting games that shift U.S. profits offshore.

The 59 U.S. corporations that belong to “Fix the Debt,” the lobby group pushing for austerity cuts to Social Security, are already shifting plenty. At the end of 2012, the CEOs of these companies had $544 billion in profits sitting overseas, up 15 percent over the $473 billion offshore at the end of 2011.

These profits, point out Corporate Pirates authors Sarah Anderson, Scott Klinger, and Javier Rojo, currently don’t face any U.S. corporate income tax unless they’re brought back stateside. If America’s top CEOs get Congress to swallow a territorial tax system, Corporate Pirates reveals, their corporations could win “as much as $173 billion in immediate tax windfalls.”

Topics
Inequality,
Explore More

We’ll All Need Home Care Someday

June 9, 2022 /

by Alison Holmes


And many of us, like my son, need home care today. Our leaders should close the Medicaid coverage gap and bolster funds for home and community-based services. What will it take for Congress to act?

Inequality

Where Uncle Sam Ought to Be Snooping

June 16, 2013

by Sam Pizzigati

Historical Background

Absolute poverty in America higher than in 1969

June 11, 2013

by Salvatore Babones

Stay informed

Subscribe to our weekly newsletter