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Tom Fiegen on Corporations

 

 


Banks that are too big to fail are too big to exist

Bernie Sanders is absolutely right, too big to fail is too big to exist! We need to break up the big banks and bring back Glass Steagall. As a US Senator, I look forward to working with President Sanders's to re-enact Glass Steagall and break up the big banks.

It is time to break up the largest financial institutions in the country. The six largest financial institutions in this country today hold assets equal to about 60% of the nation's gross domestic product. These six banks issue more than 2/3 of all credit cards and over 35% of all mortgages.

We must break up too-big-to-fail financial institutions. Those institutions received a $700 billion bailout from the US taxpayer, and more than $16 trillion in virtually zero-interest loans from the Federal Reserve. Despite that, financial institutions made over $152 billion in profit in 2014--the most profitable year on record, and three of the four largest financial institutions are 80% bigger today than they were before we bailed them out. ?

Source: 2016 Iowa Senate campaign website, FiegenForUSSenate.com , Oct 9, 2015

Disallow corporate tax havens; tax income when earned

I want to end the practice of Congress of selling tax breaks in return for political contributions. If I could single out just one, it is the provision that allows U.S. corporations to earn income abroad and not pay tax on that profit until they bring it back into this country. The estimate was at the start of 2015 that there was over $3 trillion in US corporate profits stashed in tax havens like the Cayman Islands. If that income had been taxed when earned, like domestically earned profits, the Federal government would end the 2015 fiscal year with a $400 billion surplus, instead of a $600 billion deficit.
Source: 2016 Iowa Senate campaign website, FiegenForUSSenate.com , Oct 9, 2015

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Page last updated: May 02, 2016