/--- Which makes it ironic that the rich leftists hide their money overseas to avoid the US Tax rates.Which again falls back into they hate capitalism. Other nations are offering better opportunities so they go there./----- You wrote: "It's about companies that don't pay taxes on profits overseas."BULLSHIT. There is no rules forcing people to pay taxes on off shore tax shelters. The U.S. has offered many times to give tax breaks to those with these types of accounts if they paid off what they owe on it. And they never do... because the U.S. has no punishment in place to force people to do it.
Can you read? This is directly from the IRS> This issue also came up in 2012 with Mitt Romney. The Presidential retirement is held in an off-shore bank account and many people use them more for security reasons than anything else--because they don't want beneficiary's (children--grandchildren's names) leaked due to risk. But American citizens are REQUIRED to pay American taxes on off shore banking accounts.
U.S. citizens, resident aliens and certain nonresident aliens are required to report worldwide income from all sources including foreign accounts and pay taxes on income from those accounts at their individual rates.
"There are many legitimate reasons for holding offshore accounts, including convenience, investing and to facilitate international transactions. By law, U.S. taxpayers are not permitted to use offshore accounts, such as foreign bank and securities accounts as well as trusts, to avoid paying tax.
In most cases, affected taxpayers need to fill out and attach Schedule B to their tax returns. Part III of Schedule B asks about the existence of foreign accounts and usually requires U.S. citizens to report the country in which each account is located. Certain taxpayers may also have to fill out and attach to their return Form 8938, Statement of Foreign Financial Assets, if the aggregate value of those assets exceeds certain thresholds that vary depending on filing status and whether the taxpayer lives abroad. Additional filing requirements apply to those with foreign trusts.
Separately, taxpayers with foreign accounts whose aggregate value exceeds $10,000 any time during the year must file a Form 114, Report of Foreign Bank and Financial Accounts (FBAR) electronically through FinCEN’s BSA E-Filing System. The FBAR is not filed with a federal tax return and must be filed by June 30 each year."
Offshore Income and Filing Information for Taxpayers with Offshore Accounts
They aren't FORCED to do it. And it isn't JUST about individuals. It's about companies that don't pay taxes on profits overseas. Do you have any clue how much money those corporations owe the U.S. in taxes? This is from 2016. And Sanders wants to eliminate this and FORCE them to pay up, not just make them offers to pay it at a reduced percentage.
Fortune 500 Companies Hold a Record $2.4 Trillion Offshore | CTJReports
They pay taxes in the countries where the money is made.
They just love the communist agenda.
Rich leftists like Apple, General Electric, Microsoft, Pfizer and IBM?