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Corporate welfare Information Center
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Who Will Tell the People: The Betrayal of American Democracy
Public Services or Corporate Welfare
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Please read the following bill carefully. This bill, if passed, would finally even out the tax burden in America. For years, corporations have been given tax, breaks and incentives. During the Reagan years, corporate tax cuts allowed companies like GE to receive an estimated $93 million in tax rebates rather than pay in the estimated $293 million they had been paying for years. Who made up for this loss? The average American Citizen, you and me!
Was an additional $386 Million enough to make GE Happy? No! Not only did this company hold out it’s corporate hand to collect the funds, they closed a big portion of their American plants, moving the jobs to Mexico, where they could make an even larger profit! They take our money, they take our jobs and they still manage to lobby for future corporate welfare programs, while lobbying against programs to assist America’s most vulnerable and most needy.
Recently, one Senator; Byron L Dorgan of North Dakota proposed a law which would stop corporate welfare, and place the burden on those companies who utilized America and American employees until they got what they needed, then they packed up and moved on; deserting us. The corporations, who have not only been a huge part in our economic failure have managed to find loophole after loophole; taking millions of dollars more from America and putting it in the pockets of their upper echelon.
Dorgan is tired of corporate welfare and so am I! I certainly hope that if you have yet to realize how much the average American citizen is forced to pay to make these corporations even richer, that you will start taking the time to educate yourself on the matter! Your first step is to read Bill S 779. After you have read and digested this information, follow the links I have listed for you. Make yourself aware, educate yourself and become active in the process. Contact your federal Representatives and let them know how you feel about this. Talk to your friends, your co-workers, the person waiting in the grocery store line in front of you. Email your contacts, post messages on message boards. Get the word out, we can make a difference, one law at a time!
To amend the Internal Revenue Code of 1986 to treat controlled foreign corporations established in tax havens as domestic corporations .
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. TAX TREATMENT OF CONTROLLED FOREIGN CORPORATIONS ESTABLISHED IN TAX HAVENS.
(a) In General- Subchapter C of chapter 80 of the Internal Revenue Code of 1986 (relating to provisions affecting more than one subtitle) is amended by adding at the end the following new section: `SEC. 7875. CONTROLLED FOREIGN CORPORATIONS IN TAX HAVENS TREATED AS DOMESTIC CORPORATIONS .
`(a) General Rule- If a controlled foreign corporation is a tax-haven CFC, then, notwithstanding section 7701(a)(4), such corporation shall be treated for purposes of this title as a domestic corporation.
`(b) Tax-Haven CFC- For purposes of this section--
`(1) IN GENERAL- The term `tax-haven CFC' means, with respect to any taxable year, a foreign corporation which--
`(A) was created or organized under the laws of a tax-haven country, and
`(B) is a controlled foreign corporation (determined without regard to this section) for an uninterrupted period of 30 days or more during the taxable year.
`(2) EXCEPTION- The term `tax-haven CFC' does not include a foreign corporation for any taxable year if substantially all of its income for the taxable year is derived from the active conduct of trades or businesses within the country under the laws of which the corporation was created or organized.
`(c) Tax-Haven Country- For purposes of this section--
`(1) IN GENERAL- The term `tax-haven country' means any of the following:
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- Andorra Guernsey Panama
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Anguilla Isle of Man Samoa
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Antigua and Barbuda Jersey San Marino
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Aruba Liberia Federation of Saint Christopher and Nevis
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Commonwealth of the Bahamas Principality of Liechtenstein
Bahrain
- Republic of the Barbados
Maldives Saint Lucia
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Belize Malta Saint Vincent and the Grenadines
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Bermuda Republic of the Marshall Islands
British Virgin Islands
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Cayman Islands Mauritius Republic of the Marshall Islalnds
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Cook Islands Principality of Monaco Seychelles
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Cyprus Montserrat Tonga
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Commonwealth of the Dominica Republic of Nauru Turks and Caicos
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Netherlands Republic of Gibraltar
Antilles
- Vanuatu
Grenada Niue
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`(2) SECRETARIAL AUTHORITY- The Secretary may remove or add a foreign jurisdiction from the list of tax-haven countries under paragraph (1) if the Secretary determines such removal or addition is consistent with the purposes of this section.'.
(b) Conforming Amendment- The table of sections for subchapter C of chapter 80 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item:
`Sec. 7875. Controlled foreign corporations in tax havens treated as domestic corporations .'.
(c) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2007.
