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All I have to say is...:shock:
FoxNews.com:
Now, before anyone starts critisizing the above and start labelling me anti-rich, read what Ken Langone, Dir., NYSE, had to say about taxing the rich.
From MSNBC.com:
FoxNews.com:
The study also found that America's Fortune 100 companies, some of which were cited for avoiding U.S. taxes, took in nearly $90 billion in government contracts during the same period.
The report, released Thursday and titled “Corporate America Untaxed: Tax Avoidance on the Rise,” found that the most successful companies have added 44 new subsidiaries in countries recognized as tax havens since the Government Accountability Office examined the subject three years ago.
Among the identified tax dodgers are General Electric, Google, Dell and Merck.
“America’s richest corporations avoid $60 billion a year in taxes by hiding $1 trillion in profits overseas while making billions in federal contracts,” said the Greenlining Institute's general counsel, Samuel Kang, who co-authored the report.
“It’s unpatriotic, it’s unfair and we can’t afford it," he said. "It should be illegal, yet Congress is looking to cut the deficit by slashing Medicare, Social Security, food safety, education and health without collecting another dime from these wealthy companies.”
Still, the Fortune 100 American companies that earned the most criticism in the report accounted for $6.7 trillion in global revenue -- though they're benefiting from government contracts and tax breaks, that also adds up to nearly half of U.S. GDP last year.
Now, before anyone starts critisizing the above and start labelling me anti-rich, read what Ken Langone, Dir., NYSE, had to say about taxing the rich.
From MSNBC.com:
One solution he proposed is higher taxation, particularly for the wealthier in society who are getting benefits they don't deserve from entitlement programs such as Social Security.
Cuts to those programs have been an especially sensitive part in the debate as deficit reducers on the right insist some reform will be needed in entitlements while opponents on the left insist on higher taxes for higher earners.
Langone agrees with the higher taxation argument as long as those revenues are used toward debt reduction.
"People like me have to understand that it isn't business as usual," he said. "I think it's a travesty for a man of my success and my means to get anything from the federal government. I think I should pay more taxes."
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