Honeywell CEO David Cote (Photo credit: Flickr user Policy Network)
News just broke that the “Campaign to Fix the Debt” — a group started by Erskine Bowles and Alan Simpson to push their deficit reduction plan that includes major cuts to Social Security — has raised $25 million for a media campaign. That’s a lot of dough, and because the group doesn’t disclose its donors, we have no idea where it’s coming from.
One thing we do know about the group is the people who are advising and advocating for it. One of these men is Honeywell CEO Dave Cote, who is a steering committee member for the organization. He has a statement up on the organization’s website about the need to address the “debt problem” in the United States.
But the shocking thing about Cote is that while he’s backing an organization based around promoting a plan to cut Social Security — which has virtually nothing to do with U.S. debt — he also wants corporations to pay even less in taxes.
Earlier this year, Cote told a CNBC host that he wants to see a corporate tax rate of “zero,” but that from a “fairness perspective, nobody would be able to stand it.” Watch the clip:
When asked about paying so little in taxes that they were actually getting money back from the government, a Honeywell spokesman said, “Honeywell adheres to the tax laws of all jurisdictions in which it operates, is subject to ongoing review by tax authorities and is compliant in all respects.”
That is, of course, true. After all, massive corporations like Honeywell are very influential in writing the tax code.
The question is, should Americans let people like Cote’s Honeywell succeed in cutting Social Security and then allowing corporations to pay nothing (or less) in taxes? The answer there is self-evident.
Sign our letter to President Obama opposing any cuts to Social Security by clicking here.Ai??
So Honeywell is “fully compliant with all tax law”, eh? And what did the GOP tell Warren Buffett: “Feel free to write that check to the IRS if you think you ought to pay more”?
Standard dodge, claiming you’re doing what’s LEGAL (according to laws THEY influenced into being), with no regard to what’s RIGHT, ETHICAL, AND HONORABLE.
At least they are coming up with ways to cut the deficit. I like the Idea of cutting programs. It is easy to sit back and say corporations need to pay more taxes. they are evil, etc. However, be warned that in doing so, we are creating a hostile environment in which we expect these companies to operate. If I am not mistaken, the same people screaming that business should pay more taxes are the same people upset these companies are outsourcing a large percentage of their business out of country. We need to realize that we have a choice, low taxes for big business to keep them and the jobs they offer in the USA, or high taxes for businesses. The high tax option will solve the deficit problem short term, but what happens when the Business leaves the country, and takes the jobs with it? We will then loose the tax revenues from the business, along with the income taxes from the employees, and all the sales tax generated from the spending of paychecks. To me it is a no brainer, buck it up, suffer through the big companies paying lower taxes than we do, and collect salaries, and other economic boosting effects that large companies make. the way to cut the deficit is then only left with one option, cutting spending. When I got laid off, my bills were higher my income, The government has a law against my printing additioanal money, so I had to lower my bills. The government is no different.
Good response in return of this matter with firm arguments and telling all concerning that.