Executives and politicians propose solutions to reduce the federal debt

04/03/13 Lenka Davis
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A group hoping to engage citizens to take action to reduce the national debt met this morning in Ybor City with the Hispanic Chamber of Commerce of Tampa Bay. At the Columbia Restaurant the group Fix the Debt and The Concord Coalition called for gradual spending reductions and modifications to the national budget. WMNF‘s Lenka Davis spoke with Paul Stebbins. He is CEO of World Fuel Services and part of the Fix the Debt coalition.

US Senator Mel Martinez also presented to the Hispanic Chamber of Commerce. The Republican said there’s a window of opportunity to do something about the nation’s debt until September. Martinez is chair of the JPMorgan Chase Foundation.

On February 7, Senator Bernie Sanders released a report outing 31 banks and corporations who have dodged $128 billion in taxes by setting up offshore tax havens. One of those corporations is World Fuel Services, which would owe an estimated $278 million in income taxes if its use of offshore tax avoidance was abolished.

Mel Martinez, the chair of the JP Morgan Chase Foundation, was also amongst the speakers. According to the same report, JP Morgan Chase operated 83 subsidiaries incorporated on offshore tax havens, where it has stashed $21.8 billion and thus avoided paying $4.9 billion in federal income taxes.

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