BURLINGTON, July 2 – Sen. Bernie Sanders (I-Vt.) issued the following statement after a report from Congress’ Government Accountability Office revealed that profitable U.S. companies paid just 12.6 percent of their reported worldwide profits in federal income taxes in 2010, well below the 35 percent federal corporate income tax rate:
“At a time when corporate America and their allies in Congress are demanding lower tax rates, this report clearly shows that many multi-national corporations are currently paying very little in taxes. In fact, some very profitable corporations like General Electric and Bank of America have, in some recent years, actually paid nothing in federal income taxes. As a result of absurd tax policy, large corporations and the wealthy are avoiding more than $100 billion in taxes each and every year by stashing their cash in the Cayman Islands and other offshore tax havens.
“At a time when this country has the most unequal distribution of wealth and income of any major country on earth, we must not balance the budget on the backs of the elderly, the sick, the children and low-income people. Corporations must begin paying their fair share of taxes.”
To read the report, click here