EXPOSED! "Fix the Debt" CEO's lobby for tax cuts at expense of American people
EXPOSED: Wall Street "Fix the Debt" corporations are asking the American public to fix THEIR Debt!
First they crashed our economy, got massive bail-outs, spent millions to influence the budget debate, and now these corporate fat cats are asking for even more breaks from American families struggling to make ends meet.
Since the Fix the Debt CEO's first started scuttling around Washington, a team of watch dogs has been exposing these greedy CEO's for the corporate tax dodgers they are.
You can see how their policies are hurting our communities on the WHO PAYS website here.
In April, 500 NPA members visited the home of Fix the Deb CEO Eugene Ludwig to deliver our message: it's time for him to pay his fair share!
Watch a video of our action at his house here:
Ludwig and his friends are back to raking in billions while we the rest of us are struggling. And as if that wasn’t enough – Ludwig and Fix the Debt are using the budget debate to push for lower taxes for themselves and their corporations and want to pay for it by cutting our Social Security, Medicaid and Medicare.
We took the message directly to his $11.5 million estate in D.C. (complete with tennis court and modern art collection) with powerful testimonies and told him that America needs him, his friends and their corporations to pay their fair share.
Click here to get the real picture from the folks at Americans for Tax Fairness as they break down exactly why we shouldn't trust these guys.
Fix the Debt likes to hide behind slick language and code words, but their goals are really quite clear. They want to cut our earned benefits to pay for their tax breaks.
Fix the Debt's Core Principals say they want "entitlement reform." Let's be clear: entitlement reform means cuts to Social Security, Medicare and Medicaid. Cuts to benefits, cuts to prescriptions. Cuts for us. How do we know? Just listen to them.
Lloyd Blankfein, CEO of Goldman Sachs and Fix the Debt told CBS news on cutting Social Security: "You're going to have to do something, undoubtedly, to lower people's expectations of what they're going to get...the entitlements, and what people think they're going to get, because you're not going to get it."
David Cote, CEO of Honeywell speaking for Fix the Debt was even more blunt. When asked "When it comes to cutting the budget, where does that money come from?" he said "The big nut is going to have to be Medicare/Medicaid, and even though most people don't want to talk about it -- "
On January 28th at Dartmouth, Fix the Debt Co-Chair Judd Gregg "called for structural changes in the programs to limit the payouts to beneficiaries."
In an op/ed in the Detroit News, Michigan Fix the Debt Steering Cmt member Rep. Roger Kahn said "Simply put, we must shave the costs of (Medicare), and other mandatory programs including Social Security and federal pensions."
“We didn’t get what we wanted, which was spending cuts,” one CEO council member said.
“The next piece is going to have to focus on entitlements,” MacGuineas concurs.
As the budget debate rages on in Washington, these Fix the Debt CEO's are loading up for another round of lobbying to put corporate greed ahead of the needs of the American people.
They may not have won all the cuts they wanted in the first round of the budget negotations, but as the folks from the Institute for Policy Students report here, the Fix the Debt Ceo's are gearing up for round two.
Make no mistake, these guys are ready to empty their Trojan Horse of corporate tax breaks and cuts to social programs onto the American people the first chance they get.
You can check out a round-up of last year's research below.
The Public Accounatability Initiative's report Operation Fiscal Bluff found that the Fix the Debt CEO's are lobbying for billions in spending on defense contracts for their cronies while calling for major spending cuts to Social Security, Medicare and medicaid.
Their research shows that 38 of the Fix the Debt leaders had ties to 43 companies with defense contracts totaling $43.4 billion in 2012.
But it doesn't end there.
The Institute for Policy Studies released a report in November 2012 called The CEO Campaign to ‘Fix’ the Debt: A Trojan Horse for Massive Corporate Tax Breaks. The report reveals that 24 of the "Fix the Debt" CEOs get paid more than their corporations are paying in taxes as they advocate for a deal that is good for them and bad for the public.
The report also points out that 63 “fix the debt” corporations stand to gain as much as $134 billion in windfalls if Congress approves one of their main proposals – a “territorial tax system.”
Public Campaign released Un-Shared Sacrifice: How ‘Fix the Debt’ Companies Buy Washington Influence & Rig the Game exposing that 22 of the "Fix the Debt" corps have paid more in lobbying than they have in taxes and that, all together, these corporations have spent $1 Billion to influence Congress in the last 4 years.
The most recent report from the Institute for Policy Studies, called Pension Deficit Disorder shows how the "Fix the Debt" CEO's are calling for cuts to essential earned benefit programs Social Security, Medicare and Medicaid while sitting on overstuffed pensions themselves - an average of around $12 million each.
Meanwhile these companies are starving their own worker pensions by underfunding them to the tune of $100 million.
We can't let them get away with this. Take action to make sure that these aren't the only voices our representatives in Congress hear during the Budget Showdown.
Click here to send Congress a postcard demanding that rich corporations and the wealthiest 2% pay their fair share today!