[lit-ideas] Re: From Time Magazine

  • From: Eric Yost <mr.eric.yost@xxxxxxxxx>
  • To: lit-ideas@xxxxxxxxxxxxx
  • Date: Tue, 20 Sep 2005 12:23:11 -0400

They all sold us out, without interruption.

Forget the ravages of NAFTA and GATT for the time being.

Another beautiful thing that happened under Clinton and the GOP Congress was the massive explosion of corporate tax shelters, which spiked around 2000. Pioneered by Crutchfield at First Union (now Wachovia) this allowed US companies, for example, to buy part of a German town's sewer system, list it as a write-off, avoid their fair share of federal tax, and make their annual report to shareholders look better than it actually is.

As a result of this technique, federal funds have dropped spectacularly. An IRS official commented that if corporations were forced to pay their non-tax shelter rates, the entire American middle-class would average a $5,000 refund.

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