Corporations Calling To ‘Fix The Debt’ Want $134 Billion In Tax Breaks

Ahead of negotiations over the so-called “fiscal cliff” and what promises to be another fight over raising the debt ceiling, 63 CEOs representing the largest U.S. corporations, including several Wall Street firms, launched a campaign to supposedly “fix the debt.” However, this campaign calls for additional corporate tax cuts by switching the U.S. to what’s known as a “territorial” corporate tax system, along the lines of that proposed by Mitt Romney.

According to a report by Institute for Policy Studies, the corporations involved could gain up to $134 billion in windfalls if Congress approves such a system, which exempts foreign earnings from the U.S. corporate income tax:

– The 63 companies that are publicly held could gain up to $134 billion in windfalls. The biggest potential winner is General Electric, which would earn $35.7 billion on its overseas earnings of $102 billion.