The 5-to-4 decision in Citizens United vs. Federal Election Commission led to rulings that let wealthy individuals like the billionaires Charles and David Koch pour unlimited and unregulated sums into campaign coffers.
Continue reading here: http://www.sanders.senate.gov/newsroom/recent-business/citizens-united-01-21-2014
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April 15, 2013
Don’t Balance Budget on Seniors and Veterans: http://youtu.be/Xf0MDaA69Fc
April 9, 2013
Mr. President: Don’t Cut Social Security: http://youtu.be/L3DsfUBzac0
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The Week in Review – March 22, 2013:
Senators worked into Friday night on a budget resolution that would cut the deficit by $1.8 trillion over 10 years. The budget blueprint includes nearly $1 trillion in tax increases and protects priorities like education and health research from cuts sought by House Republicans. The Senate was expected to vote Friday evening on amendments by Sen. Bernie Sanders. One would put the Senate on record against cutting benefits for Social Security and disabled veterans. The other would take a stand against offshore tax havens that are used by profitable corporations and wealthy individuals to shelter income, a tax loophole that costs about $100 billion a year. On Wednesday, Sanders chaired a hearing on how veteran suicides and how the Department of Veterans Affairs is caring for troops returning from war zones. Tuesday marked the 10th anniversary of the war in Iraq, which Sanders had voted against as a member of the House.
Continue reading here: http://www.sanders.senate.gov/
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A Choice for Corporate America: Are You With America or the Cayman Islands?
When the greed, recklessness, and illegal behavior on Wall Street drove this country into the deepest recession since the 1930s, the largest financial institutions in the United States took every advantage of being American. They just loved their country — and the willingness of the American people to provide them with the largest bailout in world history. In 2008, Congress approved a $700 billion gift to Wall Street. Another $16 trillion in virtually zero interest loans and other financial assistance came from the Federal Reserve. America. What a great country.
But just two years later, as soon as these giant financial institutions started making record-breaking profits again, they suddenly lost their love for their native country. At a time when the nation was suffering from a huge deficit, largely created by the recession that Wall Street caused, the major financial institutions did everything they could to avoid paying American taxes by establishing shell corporations in the Cayman Islands and other tax havens.
In 2010, Bank of America set up more than 200 subsidiaries in the Cayman Islands (which has a corporate tax rate of 0.0 percent) to avoid paying U.S. taxes. It worked. Not only did Bank of America pay nothing in federal income taxes, but it received a rebate from the IRS worth $1.9 billion that year. They are not alone. In 2010, JP Morgan Chase operated 83 subsidiaries incorporated in offshore tax havens to avoid paying some $4.9 billion in U.S. taxes. That same year Goldman Sachs operated 39 subsidiaries in offshore tax havens to avoid an estimated $3.3 billion in U.S. taxes. Citigroup has paid no federal income taxes for the last four years after receiving a total of $2.5 trillion in financial assistance from the Federal Reserve during the financial crisis.