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Tax shelters sanders Original Source Link: (May no longer be active)    http://bernie.house.gov/documents/releases/20020318174247.asp http://bernie.house.gov/documents/releases/20020318174247.asp BERNARD SANDERS MEMBER OF CONGRESS INDEPENDENT VERMONT, AT LARGE For Immediate Release, 3/18/2002 Sanders: We Must Abolish Off-Shore Tax Shelters Congressman Bernie Sanders (I-VT) said today that he will co-sponsor a bill recently introduced by Congressman Richard Neal (D-MA) to crack down on abusive corporate tax shelters that are costing the U.S. government billions of dollars in lost tax revenue. The bill (H.R. 3884), will close major loopholes in the U.S. tax code that allow and even encourage a growing number of big U.S. corporations to aggressively avoid paying billions in taxes through the use of shell corporations in foreign tax havens. Sanders said, “While 43 million Americans have no health insurance and millions more are under-insured; while millions of Americans are paying more than 50 percent of their limited incomes on housing; while senior citizens can’t afford the outrageously high price of prescription drugs; and while Veterans aren’t getting the benefits that they were promised, it is outrageous that corporations are avoiding paying billions of dollars in taxes by setting up shop in Bermuda and the Cayman Islands. These tax shelters must be abolished.” Major U.S. corporations - using creative paperwork - have transformed themselves into offshore entities in places like Bermuda and the Cayman Islands purely to avoid paying their share of U.S. taxes. These offshore entities are strictly shell corporations: They have no staff, no offices, and no business activity in these countries, and exist for the primary purpose of shielding income from the IRS. A February 18th New York Times article revealed that this scheme is highly lucrative for corporations, as in the case of Tyco International, that saved $400 million in taxes last year by chartering its base in Bermuda. Sanders concluded, “Every year, the U.S. government doles out more than $125 billion in corporate welfare -- tax breaks, subsidies and other wasteful spending -- to huge, profitable corporations that should not be receiving taxpayers' support. We have got to stop rewarding big corporations for despoiling the environment, cutting jobs and moving operations overseas. This legislation is a good first step towards this goal, and Congress should pass it as soon as possible.” Read an LA Times article on this topic. View an AP story on tax shelters. Read a New York Times article on this issue. Contact: Warren Gunnels at (202) 225-4115 Printed From Congressman Bernie Sanders' (I-VT) Website: http://bernie.house.gov/documents/releases/20020318174247.asp

Arms deal { January 14 2003 } Black family farms rare as hens teeth { November 11 2006 } Congressman says import export bank is corporate welfare Corpwelf1 4 [rtf] Cw crunched time { February 7 2000 } Cw time topbanana { February 7 2000 } Enron no taxes { February 3 2002 } Family farms destroyed by government subsidies { December 21 2006 } Farm subsidies abused Farm subsidies { May 14 2002 } Fate of family farming { June 6 2004 } Firms avoid taxes { October 20 2000 } Halliburton avoids taxes { January 30 2004 } Hog farm shelters { August 17 2001 } House panel passes corporate tax break No taxes ny { October 20 2000 } Pentagon fails to crack down on contractor tax cheats Rep sanders { May 15 2002 } Rep sanders2 Rep sanders3 Tax avoidance { June 28 2002 } Tax cheats sanders Tax shelter { June 28 2002 } Tax shelters sanders Tax shelters { February 29 2000 } Time cw [htm] Time cw Wto hits us { August 21 2001 } Files Listed: 28

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