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While Rome is burning, Obama and Boehner meet to haggle over new sources of revenue. Maybe they should try to close those tax loopholes we've heard so much about. According to Bloomberg, Google avoided $2 billion in tax liability by hiding the money offshore:
"Google Inc. (GOOG) avoided about $2 billion in worldwide income taxes in 2011 by shifting $9.8 billion in revenues into a Bermuda shell company, almost double the total from three years before, filings show."
If only they would close the off shoring loophole, that would be great. However, I don't think that "loophole" is what they are talking about!
The real moochers are millionaires and billionaires who pay a lower tax rate than working people and large corporations that earn billions in profit and pay little or no tax.
The real moochers are corporations, Romney and other wealthy individuals who offshore their money to avoid paying their fair share of taxes ($100 billion is lost annually).
The real moochers are corporations that send jobs overseas and receive $58 billion annually in tax breaks.
The real moochers are profitable oil, gas and coal companies that receive $11 billion annually in tax breaks and subsidies.
The real moochers are Wall Street and the big banks that received a $700 billion bailout; and large financial institutions, multinational corporations, and some of the wealthiest individuals that received $16 trillion in near-zero interest Fed loans.
The real moochers are Big Pharma, Big Agra and other industries that receive billions in subsidies.
The real moochers are Romney and other private equity managers that benefit from the carried interest loophole.
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