For Immediate Release
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167
More Cuts — Or Make Rich, Corporations Pay Up
WASHINGTON - RICHARD WOLFF
Wolff just wrote the piece “How the rich soaked the rest of us,” which states: “The richest Americans have dramatically lowered their income tax burden since 1945, both absolutely and relative to the tax burdens of middle income groups and the poor.”
Wolff is author of the book Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It. He is professor of economics emeritus at the University of Massachusetts, Amherst and currently a visiting professor in the Graduate Program for International Affairs at the New School University in New York City. See video of his talk “Capitalism Hits the Fan.”
Collins recently wrote the piece “Pay Up, Corporate Tax Dodgers,” which states: “Instead of cutting state and federal budgets, the United States should crack down on the corporate tax dodgers thumbing their noses at us.
“Across the nation, states are making deep cuts that will wreck the quality of life for everyone to close budget gaps that total more than $100 billion.
“But there’s a more sensible option. Overseas tax havens enable companies to pretend their profits are earned in other countries like the Cayman Islands. Simply making that ruse illegal would bring home an estimated $100 billion a year. …
“Goldman Sachs took a $10 billion taxpayer bailout but then gamed its effective tax rate down to one percent through what its shakedown-artist executives call “changes in geographic earnings mix.” Shame on them. Pay up. …
“These corporations are heavy users of our taxpayer-funded public infrastructure and property rights protection systems. They use our regulated marketplace, call upon our law enforcement system and judiciary to remedy disputes. They’re protected by U.S. police forces and firefighters. They enjoy all the privileges and benefits of tax-paying citizens. They just don’t pay their fair share for them.”
Collins is a senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good. He is co-author of The Moral Measure of the Economy and with Bill Gates Sr. of Wealth and Our Commonwealth: Why America Should Tax Accumulated Fortunes.
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