Corporations Calling To 'Fix The Debt' Want $134 Billion In Tax Breaks

Ahead of negotiations over the so-called ?fiscal cliff? and what promises to be another fight over raising the debt ceiling, 63 CEOs representing the largest U.S. corporations, including several Wall Street firms, launched a campaign to supposedly ?fix the debt.? However, this campaign calls for additional corporate tax cuts by switching the U.S. to what?s known as a ?territorial? corporate tax system, along the lines of that proposed by Mitt Romney.

According to a report by Institute for Policy Studies, the corporations involved could gain up to $134 billion in windfalls if Congress approves such a system, which exempts foreign earnings from the U.S. corporate income tax:

? The 63 companies that are publicly held could gain up to $134 billion in windfalls. The biggest potential winner is General Electric, which would earn $35.7 billion on its overseas earnings of $102 billion.

A territorial tax system actually rewards businesses that offshore jobs and investments. Corporate tax rates are already at a 40-year low of just 12.1 percent. Revenue from corporate taxes has plunged, despite a 60-year high in corporate profits.

http://thinkprogress.org/economy/2012/11/13/1179931/corporations-fix-the-debt/

Source: http://current.com/community/93962813_corporations-calling-to-fix-the-debt-want-134-billion-in-tax-breaks.htm?xid=RSSfeed

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