Between The Lines - Eric LeCompte: Why Closing Offshore Tax Loopholes Should Play Key Role in Fiscal Cliff Budget Negotiations (Week Ending Dec. 28, 2012)

Award-winning Investigative Journalist Robert Parry (1949-2018)

Award-winning investigative journalist and founder/editor of ConsortiumNews.com, Robert Parry has passed away. His ground-breaking work uncovering Reagan-era dirty wars in Central America and many other illegal and immoral policies conducted by successive administrations and U.S. intelligence agencies, stands as an inspiration to all in journalists working in the public interest.

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Between The Lines' coverage and resource compilation of the Resistance Movement

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"Red flags seen in many Trump real estate deals," The Rachel Maddow Show, MSNBC, Jan. 15, 2018
"Secret Money: How Trump Made Millions Selling Condos To Unknown Buyers," BuzzFeed, Jan. 12, 2018
"The Scandals of Donald Trump: Presidential Edition," The Atlantic, May 15, 2017
"Here's what we know so far about Team Trump's ties to Russian interests," Washington Post's ongoing compilation
"What Comey Was Investigating, Explained," The Moscow Project, Center for American Progress

"Donald Trump's Financial Ties to Russian Oligarchs and Mobsters Detailed In Explosive New Documentary from the Netherlands," Dutch TV documentary, Alternet.org, May 12, 2017
Ongoing compilation of Trump's creeping authoritarianism," MotherJones.com
Full resource list ...

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Richard Wolff, Economics professor Richard Wolff declares U.S. capitalism to be beyond repair and suggests the need for a radical alternative. Interviewed by Richard Hill

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2017 Gandhi Peace Awards

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who helped make our 25th anniversary with Jeremy Scahill a success!

For those who missed the event, or were there and really wanted to fully absorb its import, here it is in video

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Why Closing Offshore Corporate Tax Loopholes Should Play a Key Role in Fiscal Cliff Budget Negotiations

RealAudio MP3

Posted Dec. 19, 2012

Interview with Eric LeCompte, executive director of the Jubilee USA Network, conducted by Scott Harris

With less than two weeks before the deadline for concluding the “fiscal cliff” negotiations, President Obama and Republican Speaker of the House John Boehner have reportedly moved closer to an agreement on both generating new revenue and budget cuts. Without a deal between the White House and Congress before Jan. 1, all Americans will see an automatic tax increase of $500 billion and $109 billion in domestic and Pentagon spending cuts.

News reports indicate that President Obama has told the GOP House leader that he’s willing to adjust his original demand for an increase in tax rates on those making more than $250,000 downward to those with an annual income of more than $400,000. All rates on other tax brackets would remain unchanged. But one of the most contentious issues in the negotiations angering progressive activists are reports that Obama has offered to change the way cost of living adjustments are made to Social Security benefits. According to economists moving to a “chained” consumer price index will reduce benefits for the average 65-year-old by about $6,000 in the first 15 years of retirement, and $16,000 over 25 years.

But the group Jubilee USA Network believes that if U.S. corporations paid $150 billion in taxes that they now avoid every year through exploiting offshore tax loopholes it would reduce the pressure to cut programs benefiting working families and more than cover the $109 billion in automatic spending cuts. Between The Lines’ Scott Harris spoke with Eric LeCompte, executive director of the Jubilee USA Network, who explains why he believes that closing offshore tax loopholes both for corporations and the nations wealthy citizens should play a key role in the current fiscal cliff budget negotiations.

ERIC LEMCOMPTE: The reality is that if corporations and very wealthy individuals pay their taxes instead of using these offshore tax loopholes - these tax havens that we heard a lot about during the presidential election - if these corporations didn't use these tax havens, these wealthy individuals didn't avoid their taxes, they would essentially be contributing $150 billion a year additionally to the United States, which right there, that totally wipes out the fiscal cliff.

For many of us who have been looking at this issue, it seems that a very easy way to deal with the fiscal cliff discussion is just closing the offshore tax loophole. We've heard a lot about increasing taxes on the two percent, but the reality of it is just by looking at these tax loopholes, it would solve our problem. And it's so significant, that over the next 10 years, this lost revenue would achieve 40 percent, almost 40 percent of the $4 trillion debt reduction that the bipartisan leaders in Congress have put forward. So it's a big piece on the table. We're happy that the White House is finally responded and looking at this seriously and certainly going to look to solve it over the next few years. But it's something that needs to be part oƒ the solution right now.

BETWEEN THE LINES: Tell about some of the nation's largest corporations in these offshore tax shelters that prevent the federal government from getting revenue that would otherwise would be obtained to add to the federal budget. And some of the wealthy individuals that take advantage of these loopholes.

ERIC LEMCOMPTE: It's absolutely remarkable. Sixty percent of these taxes come from corporations - $90 billion. And these are household names, everything from Google to Apple to Walmart. At least 83 of the 100 top publicly traded corporations in the United States make use of these tax havens. So that additionally includes Coca-Cola, Pfizer, Microsoft, Exxon Mobil, Bank of America and of course, the list goes on and on.

So they use these tax avoidance schemes. They don't pay their share of the taxes. And that's why we even see companies like General Electric - GE - when they're making record profits, getting tax rebates from the U.S. government. Because they're using these offshore tax loopholes. So essentially, these very wealthy, large corporations are keeping more than 70 percent of their cash offshore.

And by doing that, they're continuing to use these offshore (tax) loopholes. Not only does it include the top 83 of the 100, it is 30 of America's largest, most profitable corporations. They actually make money off the tax code, like General Electric and others.

BETWEEN THE LINES: What has been the response from members of Congress and the Obama administration about the specific points you've raised about the role closing these tax loopholes could play in resolving a large part of U.S. debt situation?

ERIC LEMCOMPTE: Well, in terms of the White House, they certainly have taken the issue seriously. And over the last week, they've been putting out press statements that we need to put the corporate tax code on the table. So that's very positive, to know that, essentially, that's already a part of the conversation. We've been heartened to hear at Jubilee USA from several members of Congress who've said "thank you", you know, for putting the word out, because now members of Congress are looking at this more seriously.

But let me give you an example of how this has been taken on over the last year. Sen. Carl Levin from Michigan had introduced legislation earlier in this Congress, called the "Stop Tax Haven Abuse" amendment. And this legislation is very important, because, number one, what this legislation does is essentially moves corporations to make use of the fair tax code and not to utilize tax havens.

We're very serious, not only because the White House is starting to raise more of an interest - or members of Congress – but we're very serious about moving this forward over the next year. And I think the other reason that we believe it's so important, as I noted, is that this is also global behavior. So, there are corporations that essentially are doing business throughout Africa, Latin America and Asia, and they're not paying taxes in those countries either. They're moving their profits out through the same kind of offshore tax loopholes, moving them into tax havens where they're not paying money in countries that essentially need basic infrastructure, and are looking for access for food.

So, by closing these offshore tax loopholes here in the U.S., by sending a message around the fiscal cliff here, we're also sending a global message that these kinds of sketchy, dodgy corporate behavior won't be tolerated globally.

Find links to more information about Jubilee’s proposals to close offshore tax loopholes at Jubileeusa.org.