Issue link: https://digital.copcomm.com/i/637797
63 Q1 2016 / CINEMONTAGE federal tax revenue by as much as $90 billion each year going forward. "2) Close loopholes allowing American corporations to artificially inflate or accelerate their foreign tax credits." A current loophole allows corporations to claim foreign tax credits for taxes paid on foreign income even if that income is not subject to current US taxes. This bill closes that loophole. "3) Prevent American corporations from claiming to be foreign by using a tax-haven post office box as their address. "4) Prevent American corporations from avoiding US taxes by 'inverting.'" In an inversion, an American corporation acquires or merges with a (usually much smaller) foreign company and then claims that the newly merged company is a foreign one for tax purposes. "5) Prevent foreign-owned corporations from stripping earnings by manipulating debt expenses." This stops multi-national corporations from loading up their US-based corporation with debt to companies they own outside the US as a way to shift profits away from the US company. They make interest payments to the foreign companies, deduct it, and it reduces or eliminates their US income for tax purposes. "6) Prevent large oil companies from disguising royalty payments to foreign governments as foreign taxes." US oil and gas companies have been hiding royalty payments to foreign governments as foreign taxes in order to claim foreign tax credits. Sanders' bill would end this. Such a trillion-dollar plan will create jobs and provide America with much needed infrastructure projects. Doing so will have a significant multiplier effect. UNIONS ENDORSE CLINTON, BUT SOME MEMBERS DISAGREE In recent months, Clinton's labor-relations headlines have been a cascade of union endorsements — and therein lies an issue, according to Cora Lewis in BuzzFeed. Unions are used to contributing financially to campaigns from their shrinking treasuries and still pound the pavement to get voters to the polls. But some union members have made it known they would prefer labor leaders to take a stronger line; some ask for more support for Clinton's fellow Democratic presidential candidate, Vermont Senator Bernie Sanders. In 2015, the 700,000-member Communications Workers of America, the 200,000-member American Postal Workers Union and the 185,000-member National Nurses United union endorsed Sanders, a long-time labor ally, over Clinton, who is the clear frontrunner. Clinton has received backing from our union, the International Alliance of Theatrical and Stage Employees, the Service Employees International Union, the National Education Association, the American Federation of Teachers, and the American Federation of State, County and Municipal Employees. OUR Walmart (Organization United for Respect at Walmart) broke off from its original union backer, the United Food and Commercial Workers, in the fall and has since held its own actions, including a 15-day fast by workers and supporters. "We want to take the best of both labor and community organizations," said OUR Walmart organizer Dan Schladelman. Ironically, the November endorsement of Clinton by the 2-million-strong Service Employees International Union contradicts its own "Fight for 15" campaign to raise the minimum wage. Clinton has told union members she "wants to be their champion," yet she has stopped short of endorsing a $15 federal minimum, unlike Sanders, who has given it his enthusiastic public backing. NESTLÉ CONFIRMS ABUSE FROM THAI SEAFOOD SUPPLIERS Impoverished migrant workers in Thailand are sold or lured by false promises and forced to catch and process fish that ends up in multi- national food giant Nestlé's supply chains, writes Martha Mendoza for the Associated Press. Much of the tainted fish ends up in cat food. The unusual admission comes from Geneva-based Nestlé itself, which announced the conclusion after a year-long internal investigation in November. The study found virtually all US and European companies buying seafood from Thailand are exposed to the same risks of abuse in their supply chains, adds Mendoza. LABOR MAT TERS Eight major unions have endorsed Hillary Clinton for the Democratic nomination for president. The 1.3 million- member United Food and Commercial Workers Union endorsed Clinton on January 12. The IATSE endorsed her on January 13. Courtesy of UFCW.org