Offshore Tax Loopholes Defended By GOP

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As we enter the final days to file our tax returns, you may think you’re paying off the tax obligations for just your household. But you'd be wrong. You're also footing the bill for American companies that are legally dodging billions of dollars in taxes thanks largely to the Republican tax policy.

Parade Magazine
Corporate Tax Cheats Excerpt:
A 2004 U.S. Government Accountability Office (GAO) study found that 61% of American corporations, including 39% of large companies, paid no corporate income taxes between 1996 and 2000. Last year, corporations shouldered just 14.4% of the total U.S. tax burden, compared with about 50% in 1940.

While companies are getting off easy, thanks to loopholes, ordinary wage earners are getting stuck with the tab.

Rep. Paul Ryan voted NO on a bill that would have closed offshore tax loopholes to pay for AMT relief. (Dec 2007)

In addition, the three corporatists from Wisconsin, Ryan, Petri and Sensenbrenner voted against HR5351. This bill included a tax package that would rescind a tax break for the five biggest oil companies and use the revenue to boost incentives for wind and solar energy and energy efficiency.

"This is an impressive crowd, the haves and the have mores. Some people call you the elites. I call you my base." – George W. Bush