We at the Wisconsin Fair Trade Coalition are looking to put a human face on the devastation that unregulated, unchecked free trade has wrought on the Midwest.
"Resonating Change: Connecting Communities through Fair Trade"
Throughout May two Peruvian artisans are touring the Midwest to talk about how fair trade transformed their community and can transform others. For times and locations visit the tour website.
WFTC Executive Director Sachin Chheda is featured in the May 13 Capital Times. He writes on why Panama should not be a candidate for an FTA because of its status as a leading haven for tax cheats.
Sachin Chheda: Don't reward tax cheats
Americans of all stripes are applauding President Barack Obama's effort to crack down on offshore corporate tax havens. Republicans and Democrats agree that multinational corporations that earn big profits selling to American consumers should pay their fair share, rather than shift the cost of government onto middle-class families. According to a recent study, Wisconsin citizens pay almost $1.7 billion more each year in taxes because of corporations that use these offshore tax havens.
Unfortunately, the president's plan to stop the use of offshore tax havens is being undercut by his own U.S. trade representative, who is actively working to revive the Bush-negotiated trade agreement with Panama, a top destination for those looking to avoid American taxes.
Google "Panama Offshore Tax Haven" and you'll find dozens of companies and law firms dedicated to helping tax cheats hide their assets. Why would we agree to move forward with a trade agreement that would lock in lax tax regulations that mean a big tax burden for middle-class families?
Well, it's no surprise that AIG, that star of bailouts, is smack-dab in the middle of this controversy. First, AIG needed hundreds of billions of dollars in bailout money; then, AIG used those taxpayer bailout funds to pay millions of dollars in bonuses to the same executives who drove the company into the ground. Despite widespread outrage, AIG is now suing the U.S. government for more than $300 million they claim they should have been able to hide offshore!
AIG's chutzpah is common amongst the financial giants whose risky behavior sent our economy right off a cliff. And AIG is one of the many corporations supporting the Panama Free Trade Agreement, because they want to be able to lock in the lax regulations from which they've been profiting.
President Obama should know better. He's led the battle to close tax loopholes, and supported the Stop Tax Haven Abuse Act in 2007, saying then, "This is a basic issue of fairness and integrity. We need to crack down on individuals and businesses that abuse our tax laws so that those who work hard and play by the rules aren't disadvantaged."
Over the next 10 years, going after offshore tax cheats will recover $210 billion ndsh tax money that otherwise would come from middle-class families. That's good policy. But the president's interest in ending the use of offshore tax havens should include abandoning the Panama Free Trade Agreement. A Government Accountability Office study identified Panama as one of just eight countries that is listed on every major tax-haven watchdog list.
The president made clear his desire to "(stop) illegal overseas tax havens, close loopholes, and make it more profitable for companies to create jobs." We hope that means the end of the Panama Free Trade Agreement, and a commitment to a new era of trade that works in the economic interest of Wisconsin's middle-class families.
See the full article in it's original location here
More on the Panama FTA: Setting up a tax haven -- So easy an intern could do it
Need more information? You can find background on the Panama FTA talking points here.
Whether you oppose the failed NAFTA trade model or simply oppose unfettered ties with a country that cheats middle-class American taxpayers, take action by contacting your represtatives here.
Brown-Michaud TRADE Act
Feingold, Baldwin, Kagen, Moore are cosponsors
"At long last, we can see an end to 14 years of disastrous trade deals. The TRADE Act would make sure that the benefits of trade go to workers as well as the richest few. It sets new rules for global trade that create good jobs and improve working conditions everywhere. The TRADE Act lays out the foundation of how a trade agreement should be negotiated, and what it can and cannot include. Finally, we can have fair trade that workers everywhere deserve."
-James Hoffa, Teamsters General President
"It’s time that our trade agreements look out for American businesses, workers, consumers, family farmers and the environment rather than multi-national corporate interests.”
-Russ Feingold Read Sen. Feingold's full press release
Contact your Representative here
Contact your Senators here
The Wisconsin Fair Trade Coalition is a 501(c)4 organization and has not made any endorsement in this election. The information provided here is for information only.
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