TAX POLICY
ORDINARY AMERICANS WANT CORPORATIONS TO PAY A FAIR SHARE
INTRODUCING THE FAIR AUTOMATIC SIMPLE TAX (FAST)
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Major corporations who count their profits in the Billions pay no taxes, even as they complain about high US tax rates. I support a plan that creates fair and effective tax rates for corporations and individuals -- the FAST tax.
Why The National Debt Keeps Growing "In 2011, Corporations grossed about $28.3 Trillion and paid less than 1%. Individuals grossed about $8.4 Trillion and paid about 9%. Our current, dysfunctional tax code consists of more than 74,000 pages – and growing! It's so complex that nobody understands it and has been turned into a rewards system for political contributors. Meanwhile, the income gap gets wider every year and our infrastructure keeps falling apart." |
Now we have a new threat: Corporate Inversions!
A corporate inversion is what happens when a U.S.-based multinational with operations in other countries restructures itself so that the U.S. "parent" is replaced by a foreign corporation – and usually one that's in a country with a lower tax rate than the United States.
As a result, on the whole, this means that corporate income tax that would otherwise be paid to the United States ends up going overseas.In other words, right now, our tax code allows any American company to merge with a foreign company (so long as that company’s shareholders own 20% of the combined firm) – and then “relocate” or “invert” to another country for tax purposes.
This maneuver – which changes nothing about the actual operations that continue in the U.S. – allows companies to dramatically reduce the taxes they owe in the U.S. by taking advantage of loopholes in our tax system. Very patriotic!"
"Meanwhile, they continue enjoying the benefits and protections of the American economy – provided by our tax dollars. It's a big loophole – and right now, it’s completely legal." -- Winston Negron
As a result, on the whole, this means that corporate income tax that would otherwise be paid to the United States ends up going overseas.In other words, right now, our tax code allows any American company to merge with a foreign company (so long as that company’s shareholders own 20% of the combined firm) – and then “relocate” or “invert” to another country for tax purposes.
This maneuver – which changes nothing about the actual operations that continue in the U.S. – allows companies to dramatically reduce the taxes they owe in the U.S. by taking advantage of loopholes in our tax system. Very patriotic!"
"Meanwhile, they continue enjoying the benefits and protections of the American economy – provided by our tax dollars. It's a big loophole – and right now, it’s completely legal." -- Winston Negron
To learn more about the FAST Tax Model, please see the video below.
To calculate your own FAST Rates without disclosing your personal income, click HERE.
To calculate your own FAST Rates without disclosing your personal income, click HERE.
Corporate Inversions!
"A corporate inversion is what happens when a U.S.-based multinational with operations in other countries restructures itself so that the U.S. "parent" is replaced by a foreign corporation – and usually one that's in a country with a lower tax rate than the United States." -- Winston Negron |
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Inherent Adaptability
"The best way to describe the FAST Tax model is as a kind of a hybrid -- Simple, Progressive, Self-Adjusting tax Plan. I have every confidence that the FAST Tax model works. The beauty of it's construct is its inherent adaptability." -- |
