Congress, Do Your Job…

Drawing by Satoshi
Drawing by Satoshi

Major corporations are getting away with cheating in plain sight.

What’s Congress going to do about it?

John Boehner, President Obama  Photo/AP
John Boehner, President Obama Photo/AP

Nothing apparently. As of Wednesday night, they are busy just before their summer vacation,  suing President Obama for delaying the employer mandate from Obamacare.

The GOP hates Obamacare and the employer mandate.

 It makes no sense and remember never before in the history of the United States has either the House or the Senate sued a President. The GOP’s main goal is to make their right wing base happy.

Who is going to pay for this lawsuit? Who do you think?

Which leads me back to all the taxes the U.S. government is losing out on due to the latest catch phrase…corporate inversion.

And the Jeopardy question of the hour is: what is corporate inversion? I’m so glad you asked.

According to Investopedia, “Corporate Inversion is re-incorporating a company overseas in order to reduce the tax burden on income earned abroad. Corporate inversion as a strategy is used by companies that receive a significant portion of their income from foreign sources, since that income is taxed both abroad and in the country of incorporation. Companies undertaking this strategy are likely to select a country that has lower tax rates and less stringent corporate governance requirements.”

Isn’t this stealing? They throw people out of stores for shoplifting, toss Wall Street types into jail for insider trading and the U.S. government is allowing this to happen?

I have to contribute a significant portion of my earnings to taxes, no questions asked or concessions made and multi-billion dollar corporations pay a pitience in taxes because they can.

 Their reasoning is that corporations owe it to shareholders to make a profit…a fiduciary obligation. Forget about it, these companies are merely douches.

Source: Bloomberg
Source: Bloomberg

Since 2009, at least 10 U.S. public companies have moved their incorporation address abroad.

Lawmakers of both parties have said the U.S. corporate tax code needs a rewrite and they are aiming to try next year. How about now? Stop suing the President and get busy with important matters.

One shared source of concern is the top corporate tax rate of 35%, the highest among developed economies.

USA-Taxes-are-encouraging-Corporate-Inversion

Things are spinning out of control now. For example, Walgreen’s is at a crossroads, but it may not be “at the corner of happy and healthy” as advertised.

The nation’s largest drugstore chain is considering a move that would allow it to majorly cut its tax bill and increase profits.

By going ahead with an inversion, Walgreen would provide ammunition to critics who claim the company is renouncing its U.S. citizenship and potentially alienating consumers.

Listen up, Congress…get off your lazy partisan asses and take care of business. Work on something that helps this country instead of always making the American people the laughing stock of the world.

You don’t need a vacation, you never do anything!

If you don’t like what I am saying, Sue Me!!

One Comment

  1. Paula Lopez says:

    YaaaaaYYYY. By the way it cost the Rebpubicans 79 million dollars to fight Obama on the very thing they want to now impeach him for!

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