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Former Independent Presidential Candidate Ralph Nader on the need to reform the corporate tax code.
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Well John McCain is over the more revenues on does not juries opened -- Ralph Nader type more revenues because -- ready.
Well revenue -- Ralph welcomes was no doubt in my friend you say go after corporations.
But much bigger time but he be.
Well first of all the the the amount of invasions or avoidance is of taxes.
Has been perfected to a science by a lot of these big corporations.
The citizens for tax justice just put out this latest thirty major corporations -- Who in 2008 to 2011 paid zero taxes -- a number of them got tax -- subsidies back.
General Electric Verizon Boeing PG and a you and am I anyway call is all LA little desire that allow companies to escape the tax back.
Not only -- scary but they actually bring -- no way were they get massive checks in just three years General Electric made billions of dollars in the US paid no.
Federal income underwriting -- I'm -- about -- -- said rid of their many egregious examples letting every once admitted Jackson was no lesson Ronald Reagan is that -- 1996.
Particles in those loopholes was -- fairness of that everyone paid something including rich individuals say nothing of companies.
But then what would you establish has take the loopholes -- set a new tax rate in that everyone.
Complies with what would have been.
Well I -- go back to the 1960s -- -- very prosperous.
Relatively speaking and high employment.
There's or at all all of it comes around 30%.
Give -- take right that's a good that's a good mean.
And for you what about our capital he's saying is not only -- at 92%.
Top individual you wouldn't go back to or what.
No of course not and very few people by the way ahead or air -- that -- Could you argue that if -- just do that and and and make sure you're quite right that -- new -- to be established.
Top tax rate which is -- really pretty much of the top individual rate that that they're paying them just like individuals -- -- -- a very few are.
Then how do you correct that what do you do going forward to correct factors could raise a lot of money fixing just.
Well you viewed you get rid of -- what we're called the tax shelters and loopholes -- the way that it corporations shifted.
Tens of billions of the US profits over to tax havens like the Bahamas.
Through royalties paid to patents held by their own subsidiaries and zero tax tax havens.
You get rid of what Larry Summers himself Wall Street Larry said not recently you get rid of a lot of the exclusions.
That have.
Deferred taxes overvalued assets.
Derivative shenanigans.
I mean there isn't regardless Republican Democrat -- If there isn't -- anybody who would think these shenanigans.
Ash -- that's.
It's a president and you and I have many -- fine argument always respectfully but I I do think that have -- -- close a lot of this nonsense and just.
I believe in labels that reflect what they say and then whatever the tax rate as you and I might -- what that as a final rates to beat you pay it.
But I think and I hope springs eternal -- will get to that I don't see the appetite out of this president certainly.
Or Republican congress.
To get -- -- you.
Things are beginning to change on the and -- change -- I don't camp.
David camp Republican chairman of the powerful house Ways and Means Committee.
Is coming around to do so but these -- the massive derivatives.
And the way they -- but that's a -- voices are so little if he argued others targeted address this.
Democrats have to be very zealous to go after spending is Ralph Nader -- -- to go after spending as well as closing loopholes that will provide a revenue.
Big time corporate welfare spending subsidies handouts giveaways bail out.
Bloated military budget.
Documented by retired admirals and stand -- generals ad infinitum.
Those are huge areas that I don't know I don't that that is not it's -- process -- spending -- right it would you cut anything.
But I guess my deputy city due to rein that it you -- that that -- you know -- explaining the area of course the course and it's very important to note that.
A lot of the health care expenditures are reflection of fraud and overcharging.
By vendor's.
The that the head of the general accounting office back in 99 -- said.
10% of -- health care expenditures by Americans.
Good down the drain due to computerized billing fraud and abuse today that's 207 -- billion dollars billion.
We're talking big money here.
And if the sequester goes through.
It'll be blamed large -- the Republicans they're gonna have to unemployed all kinds of prosecutors.
And law enforcement including.
Those against corporate crime.
Not a good idea for the Republican Party -- I didn't think the president's gonna do it is -- concern.
Well it's it's hard to predict.
If they did depends on who you points to the cabinet obviously.
I can't see how he's gonna do worse in the first term.
I think -- he's got the Republicans on the defensive I think McCain has got his fingers to the wind here the tax issue.
I think that they're gonna have to deal with the military budget all these weapons systems device device designed for the Soviet Union -- -- still in the -- well Republicans actually do address that in that they expect something got -- Democrats and about out of habit but he had a Nancy Pelosi on on on her stuff -- -- She'll follow.
And -- will show -- follow Obama has lead to climate they're not leading on the house.
Not -- as much but I think you're gonna see a major effort on name federal minimum wage they're thirty million workers in this country who make less than 1968.
Workers adjusted for inflation that's going backwards into the future thirty million workers who clean up repair.
And serve us.
Make less than 1968.
Even -- -- Would not think that is FairPlay would like it does say it did -- -- -- -- view that this picabo capitalists -- Would not like I love that but Ralph it's always good see you my friend -- do -- back again.
-- Ralph Nader.
Good to see here called bizarre reveal.
Grounds.
That and much more all right.
