The CBS News program "60 Minutes" aired a segment yesterday, exposing American companies that have relocated their headquarters, sometimes only on paper, to European nations, to avoid paying the 35% income tax rate in the United States. Many of their CEOs and upper level management still live in the States.
Google, Facebook, Pfizer, GE, Cisco are among the American corporations that have relocated to countries such as Ireland and Switzerland, to avoid full domestic taxes, while maintaining offices of various sizes in the United States. It is estimated, America has lost 100,000 jobs and $1 trillion dollars, due to this practice.
The United States GDP is currently $14.5 trillion dollars. Regrettably, so is the national debt, thanks to the latest hike in the debt ceiling, which created an S&P downgrade of America. The U.S. government does collect trillions in taxes, but as stated numerous times on the Judiciary Report, some of the funds are going to fruitless, wasteful programs and initiatives.
Many countries would love to have a GDP as high as $14.5 trillion, yet the government, for reasons known to them, can't make it work, as written about in the article "Is $14.5 Trillion Not Enough Money." How can they not make that work, when that's so much money coming in (regarding their cut of corporate revenues).
The Judiciary Report finds it very alarming that the government can't make a success on their end out of such a successful GDP. Something is wrong there (government management). Serious questions need to be asked, because with all the money coming into the national treasury, America should never have reached the point of landing in an unprecedented financial crisis (2008 to the present) that has rivaled and surpassed the Great Depression in some respects. The system is broken and needs to be fixed.
