need to add title here

Extra: How to shift profits

March 27, 2011 4:57 PM

Economist Martin Sullivan explains to Lesley Stahl how American multi-national companies shift their profits overseas.

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by scarman2 August 14, 2011 8:10 PM EDT
I was very disappointed this evening when 60 min was pre empted by golf and I was unable to view anything but the on line segment. Is this a political move here in Florida? I'm hoping to see it some other time or on line. Is that possible? I'm very suspicious but maybe you can help clear this up for me? Thanks
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by scarman2 August 14, 2011 8:09 PM EDT
I was very disappointed this evening when 60 min was pre empted by golf and I was unable to view anything but the on line segment. Is this a political move here in Florida? I'm hoping to see it some other time or on line. Is that possible? I'm very suspicious but maybe you can help clear this up for me? Thanks
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by kmarnyc March 31, 2011 5:40 PM EDT
Are you going to correct yourself next Sunday with this seemingly important information?
http://www.nytimes.com/2011/04/01/business/global/01banks.html?nl=afternoonupdate&emc=aua22

(I can't believe you allowed so much misinformation to transpire here without challenge).

Disappointed,
KR
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by AuntieGing March 28, 2011 8:03 PM EDT
The simple solution has been presented to Congress via the Southern National Congress 2008 Remonstrance and Petition for Redress of Grievances Economic and Monetary Policy five requests. Resume immediately the free coinage of silver and gold in strict accordance with the U.S. Constitution, reclaim and seize all gold held by the Federal Reserve, and re-coin all gold held in Fort Knox. Revoke the Federal Reserve, and repeal the legal tender status of its notes. Refuse to bail out any further banks or corporations and repeal bailouts already enacted. Restore to the states the power to regulate interest rates as they see fit. Abolish the legal status of corporations as juridical persons and restore full legal liability to natural person..as well as Ron Paul's simple Bills HR1094,HR1146,HJRES50.. Abolish Federal Reserve, Out of UN, No more personal income tax, government cannot be in business competition with its citizens. Freely homestead over 650 million acres government back to citizens per 2873 Timber Culture Act. Life, liberty, PROPERTY then the pursuit of happiness. Get us back to good ole capitalism. Congress refuses to do anything thus continuing to allow corporate and government rape of us SSAPs Simply Sensible American Patriots, regular folk or reign in out of whack executive powers. I'm with Thomas Jefferson..I want to debarrass America. We the people shall restore us to a constitutional republic of limited government by the authority of our God given unalienable rights as delegates assembled at the Vth Article States Convention.
Cheerfully,
Ginger Schaefer
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by AuntieGing March 28, 2011 8:01 PM EDT
The simple solution has been presented to Congress via the Southern National Congress 2008 Remonstrance and Petition for Redress of Grievances Economic and Monetary Policy five requests. Resume immediately the free coinage of silver and gold in strict accordance with the U.S. Constitution, reclaim and seize all gold held by the Federal Reserve, and re-coin all gold held in Fort Knox. Revoke the Federal Reserve, and repeal the legal tender status of its notes. Refuse to bail out any further banks or corporations and repeal bailouts already enacted. Restore to the states the power to regulate interest rates as they see fit. Abolish the legal status of corporations as juridical persons and restore full legal liability to natural person..as well as Ron Paul's simple Bills HR1094,HR1146,HJRES50.. Abolish Federal Reserve, Out of UN, No more personal income tax, government cannot be in business competition with its citizens. Freely homestead over 650 million acres government back to citizens per 2873 Timber Culture Act. Life, liberty, PROPERTY then the pursuit of happiness. Get us back to good ole capitalism. Congress refuses to do anything thus continuing to allow corporate and government rape of us SSAPs Simply Sensible American Patriots, regular folk or reign in out of whack executive powers. I'm with Thomas Jefferson..I want to debarrass America. We the people shall restore us to a constitutional republic of limited government by the authority of our God given unalienable rights as delegates assembled at the Vth Article States Convention.
Cheerfully,
Ginger Schaefer
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by HMuenster March 28, 2011 7:56 PM EDT
This was one of the worst examples of investigative journalism I have ever seen on 60 minutes. The problem of Corporate tax evasion was correctly identified, but Leslie Stahl conducted an interview that amounted to an Corporate infomercial for lowering the U.S. Corporate tax rate.
The interview seemed to proceed under the assumption that because Corporations can avoid taxes by moving Phantom Headquarters overseas, the country should simply lower tax rates to correct the problem under some vague promise that CEO's "would like to" bring jobs back to the U.S.. What Nonsense!
Corporations have a duty to maximize profits for shareholders, so they would only bring back jobs if it was the most profitable option. How could that possibly occur until Americans compete even up for wages with the alternative countries? All this demonstrated was that Multinational corporations will outsource every aspect of their operations when it is profitable. CEO's included.Did Leslie address who will pay for the cost of the Government services that the "freemarket" depends on to conduct business? Or whether that burden be transferred to working Americans because the powerful pay to have their responsibility erased?

Where was the counter point opinion to the CEO viewpoint to point out that Corporate share of the U.S tax burden is at 1920's levels? To point out that we grant access for these companies to the largest Consumer market in the world and that they have a responsibility to pay for the services they use, to sell in that market? How things like Value Added Taxes can be applied to products that are allegedly produced overseas? Or how companies (like EXXON) that pay no taxes, yet receives Corporate Welfare from U.S taxpayers in the form of Government subsidies? How about asking the CEO about stopping all taxpayer subsidies for companies that move their H.Q's overseas?
We don't know, Leslie didn't ask. She sat there feeding softballs to the CEO's to hit all over the park. The viewer was left uninformed as to the options and the information presented left the viewer feeling like cutting that rate was the only reasonable alternative.
That's investigative journalism? Or is that a Corporate infomercial?

How about presenting a fair counterpoint that proposed drastic countermeasures to fight Corporate tax evasion? The proud tradition of 60 minutes was sullied by a story that appeared to be little more than a Corporate puff piece.

Part two of a real investigative journalism piece would have included discussion regarding specific examples of the legalized corruption of our Representatives by lobby money to enact these Corporate tax loopholes.
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by AuntieGing March 28, 2011 5:42 PM EDT
Hello Brad,
The simple solution has been presented to Congress via The Southern National Congress 2008 Remonstrance and Petition for Redress of Grievances Economic and Monetary Policy five requests including abolishing legal status of corporations as juridical persons and restore full legal liability to natural person..as well as Ron Paul's simple Bills HR1094,HR1146,HJRES50..they refuse to do anything thus continuing to allow corporate and government rape of us SSAPs Simply Sensible American Patriots..regular folk. So under the authority of our God given unalienable rights as Delegates at the Vth Article States Convention assembly 'we the People' shall. Love to discuss..check it out then connect at auntieging@auntieging.com.
Cheerfully,
Ginger Schaefer
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by robinrose555 March 27, 2011 10:57 PM EDT
I think the low taxes for a corporation are a cop out. If they are no longer "citizens" of the US, do not pay taxes, and have their headquarters overseas, then the the US should stop protecting their patents, copyrights, and other proprietary assets. We should even limit the entry of executives to enter this country since they are, in fact, aliens. What Cisco and other companies are doing is benefiting from all of the privileges of our democracy, yet do not care to pay for it. The Congress lets them get away with it. Why should Transocean get to drill for our oil? Cisco could be replaced.

Now, think about this. What about timber companies that cannot ship US forests overseas? Should our gas and oil in the ground be allowed to not pay taxes because some company in Switzerland or Ireland owns it? I was thrilled to see 60 Minutes blow the whistle on this. If the Congress thinks only Arabs in the middle east can rise up, they are likely to discover a tsunami of anger as these companies cheat on their moral obligations.

Follow up on this story. Please!
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