"Corporations are people", But From Where
60min had a replay of an earlier report on corporate tax havens last night.
Which now raises even more questions especially related to this now infamous remark and backed up by many of like minded ideology:
Followed quickly by this:
"Of course they are. Everything corporations earn ultimately goes to people."
Which people and where, are these corporate profits trickled down too?
While they renounce their corporate citizenship to dodge the corporate U.S. tax rates they stay on the trading boards of Wall Street as U.S. to be invested in.
Many of these corporations have greatly enhanced their bottom lines on U.S. government contracts, especially the no bids of the previous administration and especially related to the two now long running occupations while the VA budgets weren't enhanced thus staying under funded, No Demand for Sacrifice.
Their corporate execs as well as their wealthy investors have also been reaping greater bottom lines to their personal wealth, now at extreme long running and extended low tax rates, off same occupations either directly or indirectly!
And the 'supreme's' made them individual citizens with individual rights!
August 14, 2011 - Our government is in knots over ways to lower the federal budget deficit. Well, what if we told you we found a pot of money - over $60 billion a year - that could be used to help out?
That bundle is tax money not coming in to the IRS from American corporations. One major way they avoid paying the tax man is by parking their profits overseas. They'll tell you they're forced to do that because the corporate 35 percent tax rate is high in relation to other countries, and indeed it seems the tax code actually encourages companies to move businesses out of the country.
When President Obama threatened to clamp down on tax dodging, many companies decided to leave the Caribbean, but as we first told you in March, instead of coming back home, they went to safer havens like Switzerland.
Several of these companies came to a small, quaint medieval town in Switzerland called Zug.
Hans Marti, who heads Zug's economic development office, showed off the nearby snow-covered mountains. But Zug's main selling point isn't a view of the Alps: he told Lesley Stahl the taxes are somewhere between 15 and 16 percent.
Texas Democratic Congressman Lloyd Doggett questions whether the recent moves of several companies are legit. "A good example is one of my Texas companies that's been in the news lately, Transocean," Rep. Doggett told Stahl.
Transocean owned the drilling rig involved in the giant BP oil spill. They moved to Zug two years ago.
"I'm not sure they even moved that much. They have about 1,300 employees still in the Houston area. They have 12 or 13 in Switzerland," Doggett told Stahl.
"And yet they claim that they're headquartered over there," Stahl remarked.
"They claim they're Swiss. And they claim they're Swiss for tax purposes. And by doing that, by renouncing their American citizenship, they've saved about $2 billion in taxes," Doggett explained. read more>>>
I may be wrong, but my understanding would be they can't be dual citizens, if so they would still be held libel for their U.S. tax rate, so why are they considered U.S. companies for all other purposes but for their fair share to the U.S. treasury!