budget deficit

The Afternoon News: Monday Nov. 14, 2011

U.S. Bishops Should Focus On Economy, On Deficit Reduction; The Public Has Spoken: Tax Hikes On Rich, No Cuts To Medicare; My Foreign Aid Budget Starts At Zero; John McCain 'Very Disappointed' By GOP Candidates' Endorsement Of Waterboarding; Keystone XL: Despite Delay, Oil's Grip Remains Strong; Latino Evangelicals Challenge Alabama Brethren On Immigration; Mariann Budde, Diocese Of Washington’s Next Top Bishop, Has Plans For Reviving The Episcopal Church.  

Poverty, Treasure Islands, and Global Tax Dodgers

Bahamasphoto © 2010 John Hilliard | more info (via: Wylio)
As Christians concerned about poverty, it is time to turn our full attention to the injustices of an "offshore tax system" that enables corporations and the wealthy to dodge taxes and impoverish countries around the world.

As members of Congress in the United States debate deep and painful budget cuts, people of faith should raise our voices against an unfair system that enables profitable U.S. corporations to dodge taxes, depleting an estimated $100 billion from the U.S. Treasury each year. Instead of cutting $1 trillion over the next decade from programs that assist the poor and ensure greater opportunity, we should eliminate these destructive tax gimmicks.

Recent reports show that aggressive tax dodgers such as General Electric, Boeing, and Pfizer, avoid billions in taxes a year. They use accounting gymnastics to pretend they are making profits in offshore subsidiaries incorporated in low- or no-tax countries like the Cayman Islands, thereby reducing their tax obligations in the United States. This system is unfair to domestic businesses that have to compete on an un-level playing field.

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