According to the Government Accountability Office, there is a five-story building in the Cayman Islands called the Ugland House, and is home to 18,857 corporations. The amount of the many corporations are holding in off-shore accounts is estimated at $1.6 trillion.
Corporations now pay less than 7 percent on the average in taxes, while they used to pay anywhere from 30 percent to 91 percent in the past.
It is noted that the Bank of America committed fraud, was bailed out by the government, and then paid no taxes on its $4.4 billion profit. According to the Economic Policy Institute, in 2000, the average CEO is paid 383 times more than the average worker. Back in 1965 CEOs were paid only about 20 times more than the average worker.
According to the greed of those freeloading, tax dodging corporations, and the highly overpaid CEOs, they are telling the ordinary American worker that they have to sacrifice even more to preserve the corporate wealth. They are asking the Republicans in Washington to lower any and all help to the low-paid Americans. The problem is that the Republicans are heeding their request. An illustration of this is that the tax breaks for Exxon Mobile were $4.1 billion between 2008 and 2010, while the company paid no taxes at all in 2009.
In another study by the Economic Policy Institute, the average CEO pay from 1978 is up 867 percent compared to the 5.4 percent gain by the average worker.
We are told that we can no longer afford Social Security, that we pay into all our working life, while if the corporate tax loopholes were closed it would pay for Social Security 10 times over.
Why are the American workers still voting for these Republicans? They need to be put out of office.
GEORGE M. KESSELRING