TV News LIES

Monday, Dec 10th

Last update05:20:13 AM GMT

You are here News Economy How to Win Billions in Federal Contracts on a Permanent Tax Holiday

How to Win Billions in Federal Contracts on a Permanent Tax Holiday

E-mail Print PDF

Ingersoll RandAmerican manufacturer Ingersoll-Rand Co. (IR) forged the tools that carved the Panama Canal and shaped Mount Rushmore. When it shifted its legal address to Bermuda in 2001 to reduce taxes, the maneuver sparked bipartisan outrage in Congress.

“These corporations have turned their back on their country,” Nevada Democrat Harry Reid fumed from the Senate floor, adding that his father, a hard-rock miner, had wielded an Ingersoll-Rand jackhammer. “There is no reason the U.S. government should reward tax runaways with lucrative government contracts.”

Over the next dozen years, Congress passed law after law to prohibit American companies that reincorporate overseas from doing business with the federal government.

Those laws haven’t worked. Benefiting from loopholes and a cooperative Obama administration, the companies avoid the ban on federal contracts as effectively as they avoid U.S. taxes.

Ingersoll-Rand continues to score federal work worth hundreds of millions of dollars, touting projects for the Army and Navy in sales brochures. The company’s strategies have even included trying to piggyback on the eligibility of other companies, according to two former Ingersoll-Rand employees.

More...

 


Most Recent Related Stories...


Dow Jones drop adds to losses, weekly gloom for stock investors

Stocks falll again Stocks continued their brutal stretch of big price swings and steep declines Friday, capping a painful...

List of Lowe's stores closing: 20 stores will shut doors in US next year

20 Lowe's stores Lowe's will close 51 underperforming stores in North America, the company announced Monday. The move – which includes...

Trump on Coming Debt Crisis: ‘I Won’t Be Here’ When It Blows Up

Trump says he won't be prez when economy crashes Since the 2016 presidential campaign, Donald Trump’s aides and advisers have tried to convince him of...

The national debt and the federal deficit are skyrocketing. How it affects you

US debt and deficit are risingThe national debt is $21 trillion and counting. The federal deficit soared last year to $779 billion...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!