Political Quotes

“September 11 really brought out the best in Americans when all of us are continuing to be asked to sacrifice some for our country, and some have sacrificed their all. Unfortunately, certain of our multinational corporations are offering less, indeed, much less. Over the years, the United States has rightly entered into tax treaties with countries around the world to avoid taxing the same income twice for their businesses, as well as for ours. These treaties are so broadly worded, however, that some corporations can exploit them to evade taxes not just on their foreign earnings, but on what they earn right here at home. These corporations use gaps in the tax treaties to shift U.S. earnings abroad to countries like the Barbados or Luxembourg that impose little or no tax. This income vanishing act occurs through the creation of affiliated foreign shell corporations that make high-interest loans or obtain hefty royalty fees from the American companies. To stop this abuse, today I am introducing the ``No Tax Breaks for Corporations Renouncing America Act.''”