Jim Hightower Quotes
Corporations which use this scam [inversion] should be called out for what they are: Unpatriotic Ingrates.
Inversion is an elaborate tax loophole whereby a large American corporation buys a tiny corporation in a country that has very low or no corporate income taxes. Once they own it, they Transfer the stock of the American Corporation to the small foreign corporation. Now the American corporation becomes a subsidiary of the foreign corporation whose headquarters is no longer in America. Then they move most of the profits to the “parent” corporation as most companies do. The difference is that the foreign corporation pays little or no taxes, and the American “Subsidiary” pays much less taxes than they used to pay. The have “inverted”—some say perverted--the ownership relationship. They do the same business that they did before in America, use America’s government services just as before, has America educate their workers as before, but they do not pay their fair share of taxes as before.
Jim Hightower, Agriculture Commissioner, State of Texas (Democrat), Writer and Newspaper Editor, Statement on the implications of wealthy individuals and corporations engaging in Tax Avoidance, “Walgreen Flees”, The Progressive, September 2014
Sourced by: Eigen's Political and Historical Quotations
Tax breaks and deductions had become so prolific and complex that most of the larger corporations paid not only a smaller percentage of taxes than many small businesses, but also paid a smaller amount.
Samuel Langhorne Clemens, 1835-1910
James Allen Hightower is an American syndicated columnist, progressive political activist, and author. From 1983 to 1991 he served as the elected commissioner of the Texas Department of Agriculture.
