06:40 GMT07 May 2021
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    Bernie Sanders said that the largest US corporations escape paying any tax revenues annually and need to come under a national plan to reclaim $100 billion a year in lost revenues.

    WASHINGTON (Sputnik) — The largest US corporations escape paying any tax revenues annually and need to come under a national plan to reclaim $100 billion a year in lost revenues, Democratic presidential candidate Bernie Sanders said in a press release.

    "Three major profitable corporations… pay nothing in federal income taxes," Sanders was quoted as saying in the press release on Friday. "General Electric, Boeing and Verizon paid no federal income taxes during the combined 2008 through 2013 tax years."

    During that period, the three corporate giants racked up combined profits totalling more than $102 billion and received income tax rebates from the Internal Revenue Service totalling more than $4.1 billion, Sanders pointed out.

    "In America today we are losing $100 billion in revenue every single year because large corporations are stashing their profits in the Cayman Islands and other offshore tax havens," Sanders said.

    Sanders pointed out that his tax plan would close loopholes that corporations have exploited, and use the revenue to create and maintain at least 13 million good-paying jobs by rebuilding crumbling US roads, bridges, water systems, railways and airports.


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