How To Steal Billions:
And Stay Out Of Jail
To avoid paying $2.4. billion in U. S. income tax, Caterpillar had PricewaterhouseCoopers transfer $8 billion of company profits to a subsidiary in Switzerland to take advantage of the lower tax rate Caterpillar had negotiated with that country, says Senator Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations.
Source: New York Times
Last year, after 25 years of operating profitably in London, Ontario, Caterpillar closed its plant there...BECAUSE: ...its workers refused to accept a 50 per cent pay cut, a loss of benefits and a reduction in pension benefits - 500 jobs lost with a ripple effect throughout the local economy. The announcement was made just before the holiday season leaving families completely destitute and demoralized. Caterpillar had already received over $5 million of our tax dollars in corporate tax cuts granted by Stephen Harper's government.
The 500 families in London were left to cope on their own. Imagine you’re in your 40s or 50s, you’ve worked at the London Caterpillar plant for 25 years then show up one morning and find the plant closed. What do you tell your family? What do you do with your life?
Why do we jail a hungry person running away with ten dollars’ worth of food and do nothing about these corporate crooks who steal BILLIONS from the people?
Not sure what we can do about it? Start shouting. Send letters to our politicians telling them to buck up. Send in letters to the editor explaining what’s really going on. Do anything to let those in power know we’re on to them. That we’ve had enough. And we won’t take it anymore.