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The Biggest Tax Scam Ever!

serfserf Member Posts: 8,870 ✭✭✭✭
edited December 2014 in Politics
Yep our loving Congress can pass a bill to let Derivatives Trades to rest on the citizen tax payers for a bail out if they fail and for icing on the cake they can let billions of dollars go uncollected because the super rich owns them while they hid money off shore to avoid taxes and even Obama is powerless to do anything for he is just a flunky figurehead for them!

serf

http://www.rollingstone.com/politics/news/the-biggest-tax-scam-ever-20140827

Last year the IRS finally collected more in tax receipts than it did before the crash in 2007. But dig a little deeper into the numbers and it is clear we haven't returned to normal: Corporations paid nearly $100 billion less in federal income taxes last year than before the Great Recession - down nearly 40 percent as a share of GDP. In fact, corporate profits and corporate tax collections are now trending in opposite directions. Profits were up $93 billion last year - to a high of $2.1 trillion, according to the Commerce Department. Yet corporate tax payments actually fell last year by more than $15 billion.

How is this possible?

It goes way beyond inversion. The top names in American business - from Apple to Xerox - have joined in the greatest tax dodge in world history. Using clever accounting games, these corporations have siphoned majestic sums out of the country and into tax-haven shell companies - where the money is untouchable by the IRS.

The numbers are staggering. More than $2 trillion in U.S.-based multinational profits currently sit in offshore accounts, representing, by credible estimates, in excess of $500 billion in unpaid taxes. If that money were deposited in federal coffers tomorrow, it would wipe out the deficit for 2014. And every year that Congress dithers on a crackdown, America is forfeiting an approximate $90 billion in revenue.

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