A Quote by Bernie Sanders

Each and every year, the United States loses an estimated $100 billion a year in tax revenues due to offshore tax abuses by the wealthy and large corporations.

Bernie Sanders

Quote Topics

Billion Corporations Due Each Every Large Loses Offshore States Tax United United States Wealthy Year

Quote Author

Bernie Sanders
American - Politician
Born: September 8, 1941

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.

Jose Angel Gurria

The tax rate of 35 percent is impossible to provide an incentive to the large corporations, that have $1.7 trillion offshore, to put their money back in the United States.

Frederick W. Smith

The tax code is weighted toward the ultra-wealthy and ultra-wealthy corporations and has created an offshore aristocracy of people who can afford to hire an army of accountants and lawyers. This shifts the tax burden to small businesses, entrepreneurs, and others.

Jeff Fortenberry

If you look at the performance of the zero-income-tax-rate states and the highest-income-tax-rate states, I believe a large amount of their difference is due to taxes. Not only is it true of the last decade, but I took these numbers back 50 years. And, there's not one year in the last 50 where the zero-income-tax-rate states have not outperformed the highest-income-tax-rate states.

Arthur Laffer

In 2013 Citigroup had profits of $6.4 billion in the United States. They paid no federal income tax and, in fact, received a rebate from the IRS of $260 million. That same year J.P. Morgan had $17.2 billion in profits in the U.S. They also paid no federal income tax. Do you think it's time for tax reform?

Bernie Sanders

Telephones are a virtual necessity - not a luxury - and the revenues collected by this tax flow into the general fund. But this once temporary tax remains and costs American taxpayers, our small businesses and families almost $6 billion dollars a year.

Mike Fitzpatrick

African countries lose billions every year because of tax dodging by big corporations and wealthy individuals. They lose billions more from overly generous tax incentives in a misguided belief that this is the only way to attract foreign investment.

Winnie Byanyima

I find it remarkable that virtually all of the large difference in labor supply between France and the United States is due to differences in tax systems. I expected institutional constraints on the operation of labor markets and the nature of the unemployment benefit system to be more important. I was surprised that the welfare gain from reducing the intratemporal tax wedge is so large.

Edward C. Prescott

Arthur Laffer has taught us, 'If you tax something, you get less of it.' That's why firms are moving offshore in droves. It's not about being unpatriotic. It's that it doesn't pay, after-tax, to invest in the United States.

Lawrence Kudlow

Do you realize that $150 billion of our tax money is given to the corporations, unions and wealthy people for tax breaks, special subsidies and special regulations? That money would be available for health and education and building bridges.

Doris "Granny D" Haddock

Americans spend 3 billion hours per year filling out tax forms and keeping tax records.

Jim Ramstad

The Center for Immigration Studies found that illegal immigrants cost the United States taxpayer about $10.4 billion a year. A large part of that expense stems from the babies born each year to illegal immigrants.

Nathan Deal

The Value-Added Tax, a sales tax that applies at every level of business transactions, is an easy tax for governments to collect, and a hard tax to evade. So it makes the job of raising revenue easier. The revenues from the VAT can then be used to lower taxes on income and saving and investment. The Value-Added tax doesn't penalize work or saving; it's a tax on buying stuff.

T.R. Reid

The zero-income-tax-rate states have far faster growth in tax revenues than did the states with highest income tax rate over this period.

Arthur Laffer

If we completely repealed the estate tax, it would provide an estimated $32 billion tax break for the Walton family - the founders of Wal-Mart.

Bernie Sanders

You are smart people. You know that the tax cuts have not fueled record revenues. You know what it takes to establish causality. You know that the first order effect of cutting taxes is to lower tax revenues. We all agree that the ultimate reduction in tax revenues can be less than this first order effect, because lower tax rates encourage greater economic activity and thus expand the tax base. No thoughtful person believes that this possible offset more than compensated for the first effect for these tax cuts. Not a single one.

Andrew Samwick

A Quote by Bernie Sanders

Quote Topics

Quote Author

Related Quotes

Related Authors