Category Archives: corporate loopholes

Don’t Kill the Dream

Democracy for America targets Republicans for killing the American Dream and failing to create jobs. The ad, “Don’t Kill the Dream,” which will air both nationally and targeted locally, features Americans who want Republicans in Congress to stop dismantling the middle class and killing the American Dream by slashing vital programs they depend on, while simultaneously insisting on tax breaks and loopholes for corporations and millionaires.

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Filed under american dream, Congress, corporate loopholes, Democracy For America, millionaires and billionaires, tax breaks for the rich, The Middle class

>President Obama’s Weekly Address 8/21/10: No Corporate Takeover of Our Democracy

>The President calls out Republicans for blocking campaign finance reforms that would address the Supreme Court decision opening the floodgates of corporate money into elections.

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Filed under campaign finance reform, corporate loopholes, President Obama, US Surpreme Court, weekly address

Obama triggers tax fight

The Hill – Leading the News 
By Walter Alarkon and Sam Youngman

President Obama launched a high-stakes fight with big business Monday, calling for changes to the tax code that could raise taxes on U.S. multinationals by $210 billion.

Obama described the tax system as broken, adding that it is filled with loopholes written by corporate lobbyists that provide incentives for shipping jobs abroad.

“It’s a tax code full of corporate loopholes that makes it perfectly legal for companies to avoid paying their fair share,” Obama said.

The administration’s proposals could mean a tax hike of anywhere from 8 to 15 percent for U.S. corporations, on top of a base corporate tax rate that is already high for an industrialized country, said Clint Stretch, a tax expert for Deloitte Tax LLP.

“It doesn’t take some kind of rocket scientist to figure out that really can’t be very good for American businesses from a competitiveness point of view,” Stretch said.

The crackdown on corporate tax incentives is the latest move by the administration to squeeze big business. The president, who had taken heat from the left for continuing unpopular bank bailouts initiated by the Bush administration, has since called for restrictions on executive pay, the firing of General Motors CEO Rick Wagoner and a reorganization of Chrysler that offered a better deal to unions than a collection of hedge funds and investment banks that owned debt from the troubled automaker.

The tax proposals are a frontal assault on U.S. multinational companies, which are expected to engage in an aggressive lobbying and public-relations campaign to fight them off.

Read more >>> Here

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Filed under corporate loopholes, leading the news, tax code, tax policies, The Hill, U.S. multinational companies