In case there was any doubt left as to who really controls the United States’ government, elites of both the Democratic and Republican parties are currently negotiating an up-to $400 Billion “tax-holiday” for many large multi-national corporations. This deal currently being quietly negotiated by politicians and around 1500 lobbyists does nothing to help the average American. While those in favor will likely argue that this deal is necessary to keeping “job-creators” in the United States, this is true. Since this tax-break would only benefit corporations currently involved in tax-aversion, it literally rewards corporations for taking advantage of loop-holes in the U.S. tax code. In other words, while this deal would do nothing to benefit the average American business that has payed its’ fair-share of taxes for operating in the U.S., it rewards companies that have avoided paying their share of taxes by moving their assets to countries with lower-tax rates, while still operating in the U.S.
As host of The Young Turks, Cenk Uygur brilliantly explains in this video, this deal adds even more support to the argument that the United States is no longer a democracy. If this plan is put into action, the top-ten Multi-Nationals that would benefit are Apple, Microsoft, Oracle, Citigroup, Qualcomm, JPMorgan Chase, Gilead Sciences, Goldman Sachs, and Bank of America. These ten corporations alone currently owe the U.S. around $162 billion in taxes on their $540 billion in profits held off-shore. If the average citizen or business owes the government money, there is no negotiation. Apparently though, in the case of Multi-National Corporations the government is more than happy to repeatedly cut billions of dollars worth of tax breaks.
Despite the struggling middle-class, and decline of much of our country’s infrastructure, the government seems to be more concerned with helping huge, Multi-National Corporations, rather than the people they were elected to represent. While many politicians try to argue that the success of these huge corporations will “trickle-down” on the rest of us, this has so far not been the case. Despite corporate profits being the highest that they have been in 85 years, employee compensation is the lowest it has been in 65 years.
Please do not get the wrong idea, I am not trying to say that all Multi-National Corporations are “evil” or trying to ruin America. On the contrary, I believe that Multi-National Corporations (and globalization as a whole) are generally good. While these entities are crucial for creating new products and providing jobs, it is important to make sure we do not let the corporate world take over our government. Corporations exist for the very purpose of making as much money as possible, so it should be expected that they take actions to give themselves an advantage. As American citizens, it is our duty to make sure that we do not allow the balance between the market and government to tilt too much in favor of big-business. While we need policies that make our market competitive with the rest of the world, we cannot allow big-money to take advantage of us all.
Contributed by, F.B