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Rice: Who is holding corporations accountable in Washington?
OKLAHOMA CITY ? Democratic U.S. Senate candidate Andrew Rice said Tuesday that a report from the Government Accountability Office shows how special interests have hijacked U.S. tax codes at the expense of tax cuts for working families and incentives for new energy development.
Each year between 1998 and 2005, over 65% of foreign-owned U.S. corporations paid no income tax, with a high of 71.7% in 2001, according to the GAO’s report.
“This report shows that more than 60 percent of U.S. corporations have been paying no corporate income tax from 1998 to 2005,” Rice said. “Washington is giving million-dollar handshakes to big businesses, but they’re giving working Oklahoma families the cold shoulder.”
Rice also blamed Washington leaders for allowing tax law to benefit U.S. companies that move overseas.
“Not only are most corporations not paying income tax, but multinational companies that relocate American jobs overseas don’t have to pay taxes on the income that those foreign workers generate,” Rice said. “Washington has to get its priorities straight. We should be granting tax breaks to companies that keep jobs right here on American soil.”
“There is clearly a lack of accountability in Washington, which is one of the main reasons I am running for the U.S. Senate,” Rice said. “This is why we need a U.S. Senator who changes with the times and is not stuck in the partisan politics of the last 22 years.”
Rice said Jim Inhofe recently voted against expansion of the child tax credit for working families and assorted tax incentives for alternative energy, but he consistently supports the Bush tax cuts for big business.
“Sen. Inhofe and his friends in Washington have allowed corporations to write themselves out of the tax code while leaving working families to pick up the tab,” Rice said.
Rice said that, as U.S. Senator, he will fight for expanded tax cuts for working families and push for Congressional hearings to examine the full range of corporate giveaways implemented during the Bush years.
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Karina Henderson
Rice for US Senate
www.andrewforoklahoma.com