A Quote by Bernie Sanders
When I talked about Boeing and I talked about General Electric, what I was referring to is an outrage... Right now you have a loophole such that these guys are putting their profits, multi-billion dollar profitable corporations putting billions of dollars into the Cayman Islands, Bermuda, and other tax havens.
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Now all of the ideas that I'm talking about, they are not radical ideas. Making public colleges and universities tuition free, that exists in countries all over the world, used to exist in the United States. Rebuilding our crumbling infrastructure, and creating 13 million jobs by doing away with tax loopholes that large corporations now enjoy by putting their money into the Cayman Islands and other tax havens. That is not a radical idea.
Much of the blame for the situation lies with the states themselves. They haven't been able to pass decent laws. For decades, tax authorities have been taking aim at the phenomenon of tax havens, and the most aggravating thing is that they aren't just in Bermuda or on the Cayman Islands, but right outside our front door.
We need real tax reform which makes the rich and profitable corporations begin to pay their fair share of taxes. We need a tax system which is fair and progressive. Children should not go hungry in this country while profitable corporations and the wealthy avoid their tax responsibilities by stashing their money in the Cayman Islands.
In the meantime the big corporations are fleeing America for tax havens and places like Ireland, Luxembourg and the Grand Cayman Islands; the rich are finding more tax loopholes to expect; so when are the people going to basically roll up their sleeves and say, we've had enough, we're going to recapture Congress.
In 1990, about 1 percent of American corporate profits were taken in tax havens like the Cayman Islands. By 2002, it was up to 17 percent, and it'll be up to 20-25 percent very quickly. It's a major problem. Fundamentally, we have a tax system designed for a national, industrial, wage economy, which is what we had in the early 1900s. We now live in a global, asset-based, services world. And we need to have a tax system that follows the economic order or it's going to interfere with economic growth, it's going to reduce people's incomes, and it's going to damage the US.
The interesting thing was we never talked about pottery. Bernard [Leach] talked about social issues; he talked about the world political situation, he talked about the economy, he talked about all kinds of things.
It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
When Stephen Harper was elected as the new Conservative Prime Minister - and he talked about repealing gay marriage and putting it to a vote in the House of Commons - Elton and I talked about getting married in Canada to make a statement, for ideological and political reasons.
Fidel Castro just talked a long time, and he talked and he talked and he talked and he talked... and he talked during the meeting. I think it was about four hours. But I guess that's part of the Castro spirit.
The worst loophole is what Donald Trump has talked about: the tax deductibility of interest. If you let real estate owners or corporate raiders borrow the money to buy a property or company, and then pay interest to the bondholders, you'll load the company you take over with debt. But you don't have to pay taxes on the profits that you pay out in this way. You can deduct the interest from your tax liability.
Right now we have a $600-billion or so Defense Department budget, but when you add in, for example, a trillion-dollar nuclear weapons program over the next decade or two, it adds significantly to it. So it's somewhere around $600 billion. We call for approximately cutting that in half and instead putting those dollars into true security here at home.
When we talked, I talked about me, you talked about you, when we should have talked about each other.
You guys are always going off about how much money you have. Do you realize what's going on in this world right now?' All these black rappers? African rappers? Talking about how much money they have. Do you realize what's going on in Africa right now? It's just like, you guys are disgusting. Talking about billions and billions of dollars you have. And spending it frivolously, when you know, the Motherland is suffering beyond belief right now.
I have a record as governor. I have a record of cutting spending. And I talked yesterday not only about we ought to cut spending, I talked about how we've cut spending in Mississippi and how if you did the same things in the federal government, you would save tens of billions of dollars a year.
The number of habitable worlds in our galaxy is certainly in the tens of billions, minimum, and we haven't even talked about the moons. And the number of galaxies we can see, other than our own, is about 100 billion.
Do away with the corporate loopholes that allow major profitable corporations to stash their money in the Cayman Islands and not pay a nickel in some cases in federal income taxes.
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