Congressional Republicans have just released their "new" corporate tax proposal. As usual for the GOP, the proposal again calls for steep cuts in the corporate tax rate. Lloyd Doggett, the Texas Democrat and member of the House Ways and Means Committee who has fought for fairer corporate tax laws and elimination of the tax dodges used by so many of the hugely profitable multinational corporations, released a quick statement bout the Republican corporate tax cut proposal this morning. Here's what he had to say.
Corporate tax giveaway proposals from Republicans have become as common as their avoidance of gun safety. The only way this plan adds up is by borrowing endless amounts of money from abroad. To be revenue neutral, lowering the corporate tax rate to even 28% would require elimination of every corporate tax credit and deduction [citing the Joint Committee on Taxation, Oct. 27, 2011]. Like the Republican refusal to discourage tax dodging by corporations that renounce their citizenship and adopt a foreign address, this proposal slants the marketplace against those who make it in America in favor of those who take from America, moving profits and jobs overseas."
Doggett hits the nail on the head here. Republicans have endlessly talked about "personal responsibility" and "makers and takers" as though only the rich are responsible and everybody who is below the middle in income is just making it harder for the wealthy . Fact is, it is those hard-working, underpaid, ordinary Americans who keep this country running, and the ultra-wealthy CEOs and managers who are paid many more times what value they add to the businesses they head continue to utilize profit shifting and base erosion schemes to avoid paying a fair share of business profits in taxes.