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Institute for Policy Studies
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  • December 19, 2012

    Minneapolis Star Tribune

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    Former Minnesota U.S. Reps. Bill Frenzel and Tim Penny are co-chairs of the Committee for a Responsible Federal Budget, the umbrella organization for the Campaign to Fix the Debt. That has given them an insider's view as the powerful new group has amassed more than $40 million and field offices in 18 states since July, all in an attempt to influence the budget talks.

    . . . The approach has some critics. The organization gets nearly all its money from corporate donations, giving rise to questions from groups like the Institute for Policy Studies, which claims that Fix the Debt's plans to seek cuts to Social Security and Medicare are a veiled effort to secure corporate tax breaks at the expense of the poor and elderly.

  • December 19, 2012

    The Hill Blog

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    Tax hikes for millionaires and Social Security cuts for grannies. Those two divisive issues have dominated media coverage of the “fiscal cliff” debate. But now President Obama is hinting that corporate tax breaks might be in the mix.

    [FedEx CEO] Smith later explained his idea for a compromise: accept tax increases for the rich in exchange for an offer to “lower corporate tax rates to a territorial tax system.”
     
    Why would a wealthy guy like Smith be willing to barter away his personal tax breaks for this corporate perk? His argument is a patriotic one – that this reform would encourage corporations to bring their money back to America to invest and create jobs.
     
    The trouble is, similar tax breaks on overseas earnings haven’t led to job creation in the past. . . . 

    What is certain is that a shift to a territorial system would be a boost to the bottom line of global companies like Fedex . . . In public, the administration has not supported a territorial reform. But we saw two years ago how President Obama eventually backed down on his campaign commitment to repeal the Bush-era tax cuts for the wealthy.

     
    If one of his chief negotiators [Treasury Secretary Timothy Geithner] favors a territorial tax system, it’s not hard to imagine that this dubious corporate tax break wind up on the table in the mad rush to reach a deal.

    Read more: http://thehill.com/blogs/congress-blog/economy-a-budget/273573-corporate-tax-breaks-in-the-mix#ixzz2HJyHTRKA

  • December 14, 2012

    Salon.com features blog “AlterNet: Five Job-Destroying CEOs Trying to "Fix" the Debt ”

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  • December 13, 2012

    HispanicBusiness.com

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    Florida's former senator and a one-time head of the national Republican Party, Mel Martinez, said Thursday that members of his own party need to get ready to go along with higher taxes. 

    "Republicans are going to have to swallow the pill they don't want to swallow," Martinez said on a conference call with reporters about the effects of the so-called "fiscal cliff" debt talks in Washington. 

    . . . The Campaign to Fix the Debt has come under fire from a liberal group, Institute for Policy Studies, which produced a study showing that many of the campaign's businessmen calling for entitlement reforms have huge nest eggs but lead companies that have retirement-fund pension problems. 

    "The corporations leading this campaign are contributing to Americans' retirement insecurity by funneling enormous sums into their CEO retirement accounts while underfunding their employee pension funds," the report said. 

  • December 13, 2012

    The Miami Herald features report “A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts”

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    The Campaign to Fix the Debt has come under fire from a liberal group, Institute for Policy Studies, which produced a study showing that many of the campaign’s businessmen calling for entitlement reforms have huge nest eggs but lead companies that have retirement-fund pension problems.

    “The corporations leading this campaign are contributing to Americans’ retirement insecurity by funneling enormous sums into their CEO retirement accounts while underfunding their employee pension funds,” the report said.

  • December 12, 2012

    The Huffington Post features report “The CEO Campaign to ‘Fix’ the Debt: A Trojan Horse for Massive Corporate Tax Breaks”

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    Caterpillar is just one of many Fix the Debt companies publicly preaching a need to raise additional tax revenues while also lobbying to preserve -- or in this case, expand -- favored tax perks. One study, by the progressive Institute for Policy Studies, found that 63 companies advocating for a debt deal would stand to save $134 billion in tax payments if Congress approves a switch to the new system.

    The report describes the plan as "a Trojan Horse for massive tax breaks."

  • December 12, 2012

    The Huffington Post features report “The CEO Campaign to ‘Fix’ the Debt: A Trojan Horse for Massive Corporate Tax Breaks”

    Visit the publisher's websiteSee the report

    One study, by the left-leaning Institute for Policy Studies, found that 63 companies advocating for a debt deal would stand to save $134 billion in tax payments if Congress approves a switch to the new system.

  • December 11, 2012

    The Nation features blog “AlterNet: Five Job-Destroying CEOs Trying to "Fix" the Debt ”

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  • December 5, 2012

    The Los Angeles Times features report “A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts”

    Visit the publisher's websiteSee the report

    "The Institute for Policy Studies, a progressive Washington, D.C.-based think tank, declared the campaign a 'Trojan horse for massive corporate tax breaks' in a study released earlier this year.

    "The study noted that the companies and executives backing the campaign stand to gain as much as $134 billion if Congress approves one of their primary proposals, a 'territorial tax system' — which would exempt companies from paying a federal income tax on foreign earnings when they bring those profits back to the U.S.

    "'They are feathering their own retirement nests while trying to deny ordinary Americans — including their own employees — their hard-earned nest eggs,' Scott Klinger, coauthor of the report, said in a release. 'They’re simply taking advantage of the so-called ‘fiscal cliff’ to push the same old agenda of more corporate tax breaks while shifting costs onto the poor and elderly.'

    "Another major proposal of the campaign is to “reform earned benefit programs” which opponents have largely interpreted to mean large-scale cuts to Medicaid, Medicare and Social Security benefits."

  • December 4, 2012

    Pittsburgh Post-Gazette features report “A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts”

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    "When it comes to resolving the national debt crisis, the line between national interest and self-interest is being blurred a little too much to suit the Institute for Policy Studies....The institute's observations will no doubt make many less likely to objectively evaluate any CEO-backed deficit reduction plan, much less embrace it. If they perceive CEOs are bringing their self-interest to the bargaining table, why shouldn't other special interest groups view budget deliberations through the prism of 'what's in it for me?'"



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