The greed of Wall Street and corporate America.
Why GE and JPMorgan ruin the fabric of the US, but Apple doesn’t.
Bernie Sanders: General Electric, good example. General Electric was created in this country by American workers and American consumers. What we have seen over the many years is shutting down of many major plants in this country. Sending jobs to low-wage countries. And General Electric, doing a very good job avoiding the taxes. In fact, in a given year, they pay nothing in taxes. That’s greed.
That is greed and that’s selfishness. That is lack of respect for the people of this country.
Daily News: And so how does that destroy the fabric of America?
Sanders: I’ll tell you how it does. If you are a corporation and the only damn thing you are concerned about is your profits. Let’s just give an example of a corporation that’s making money in America, today, but desiring to move to China or to Mexico to make even more money. That is destroying the moral fabric of this country. That is saying that I don’t care that the workers, here have worked for decades. It doesn’t matter to me. The only thing that matters is that I can make a little bit more money. That the dollar is all that is almighty. And I think that is the moral fabric.
To me, what moral is, I’ve got to be concerned about you. You’ve got to be concerned about my wife. That’s moral to me. That’s what I believe in. And if the only thing that matters to you is making an extra buck, you don’t care about my family, I think that’s immoral. And I think what corporate America has shown us in the last number of years, what Wall Street has shown us, the only thing that matters is their profits and their money. And the hell with the rest of the people of this country.
The U.S. Treasury Department and Internal Revenue Service on Monday announced new steps to curb tax-avoiding “inversion” deals that U.S. companies do with foreign corporations, including earnings stripping. The latest steps impose a 3-year limit on foreign companies bulking up on U.S. assets to avoid ownership requirements for a later inversions deal, the Treasury said in a statement. The Treasury also proposes tackling post-inversion earnings stripping with new limits on related-party debt for U.S. subsidiaries. Earnings stripping covers a range of financial dealings that shrink the taxable U.S. profits of multinationals, including those that have moved their tax domiciles abroad in “inversion” deals and others.