If you watched either of Microsoft’s two ads during the Super Bowl, you might think the colossal tech company is pretty dedicated to helping people in their communities.
But what the ads didn’t mention is that Microsoft is holding over $76 billion in profits overseas in order to skirt billions of dollars in American taxes. Imagine how many computers disadvantaged schools could buy with billions more dollars, or how much support we could give vital priorities like infrastructure development.
That’s where President Obama comes in. The president just unveiled a new budget that proposes ending the foreign profits loophole Microsoft and others abuse and investing the resulting hundreds of billions of dollars in infrastructure projects that benefit everybody.
Americans support Obama on this policy by a three-to-one margin. Unfortunately, that doesn’t mean much to a Republican Party that would rather listen to the $889 million the Koch brothers just pledged to the 2016 elections. They try not to listen, so we have to make them.
American Congress – copyright Worldclass
click to enlarge the picture.
Microsoft has the second most non-taxed overseas profits at $76 billion (behind GE with $110 billion), but they’re hardly alone. All told, American companies keep over $2 trillion outside the country to avoid taxes.
So while Microsoft and these other companies spend millions of dollars on Super Bowl ads to look like benevolent, civic-minded community members, they’re really doing it as part of a strategy to save billions of dollars through tax loopholes, which they spend millions more protecting by lobbying and making campaign contributions — depriving our communities of the resources needed to improve hard-working Americans’ lives.
Solving this problem is one of the many bold, progressive economic ideas President Obama has laid out recently.
But Republicans don’t seem interested in helping hard-working American families who are struggling to get by, and we can’t let them get away with it.
It’s time to take a bold approach to economic equality, and President Obama is building on the great start he got us off to in his State of the Union with the foreign profits tax proposal in his new budget.
As progressives, it’s up to us to stand up and show our support.
Thanks for uniting as a progressive,