On February 7, 2013, Senator Bernie Sanders is introducing legislation to crack down on Wall Street and corporate tax avoiders that are avoiding tens of billions in taxes every year by shifting profits to the Cayman Islands and other tax havens. Rep. Jan Schakowsky (D-IL) is introducing the companion bill in the House.

The Business Roundtable represents some of the largest Wall Street and corporate tax avoiders in the country.

Recently, the Business Roundtable came out with a plan to raise the eligibility age for Medicare and Social Security to 70, cut Social Security and veterans’ benefits, and increase taxes on working families.

Many of the corporations and Wall Street banks represented by the Business Roundtable have:

avoided more than $128 billion in taxes by setting up over 500 subsidiaries in the Cayman Islands, Bermuda, and other offshore tax havens since 2008;

received more than $6.5 billion in tax refunds from the IRS, after making billions in profits;

outsourced hundreds of thousands of American jobs to China and other low wage countries, forcing their workers to receive unemployment insurance and other federal benefits; and

received a total taxpayer bailout of more than $2.5 trillion from the Federal Reserve and the Treasury Department and nearly caused the economy to collapse over four years ago.

Instead of cutting Social Security, Medicare, Medicaid, and veterans’ benefits, it is time for these corporate and Wall Street tax dodgers to pay their fair share in taxes and bring jobs back home to America.

Here are just a few examples of how the corporations and Wall Street banks these CEOs work for have significantly harmed our economy and the federal budget:

Continue reading:  http://www.sanders.senate.gov/imo/media/doc/Tax-Dodge-Report-3.pdf

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