uncut founder carl gibson said if our tax dollars are being held hostage in the cayman islands then there should be a ragtag group of taxpaying citizens ready to swoop in and bring it home and that's exactly what we plan to do but even though us uncut is looking out for ninety nine percent of us to do not have those millions stashed away off shore the hard road they have a hard road ahead of them is as you'll see them see the mainstream press doesn't much care for the story and that's exactly what tom had to say about this issue. we've let me just set this up first of all. on network television we have multimillionaire commentators people multi-million dollar rich people would rather not pay taxes the all the networks are owned by billionaires and transnationals no them want to pay taxes and back in one thousand nine hundred three when ronald reagan was president if you're old enough to remember there was a period that was called the m. and a explosion stood for mergers and acquisitions and people like ivan boesky and all these good they were emanating artists and it was the hot new on wh

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not willing to close one single loophole to avoid paying taxes by stashing their money in the cayman islands and all the other loopholes that currently exist. mr. president, my sincere hope is that president obama will use this republican walkout, the unwillingness to talk about the wealthy corporations contributing nothing, to use this as an opportunity to rally the american people and make it clear that he had never support republican demands to move toward a balanced budget solely on the backs of working families, the elderly, the children, the sick, and the poor, but i don't think that the president will do this unless the american people send him a message that enough is enough. the american people do not support the republican agenda. the american people support the concept of shared sacrifice as we move towards deficit reduction, but the president has got to hear from the american people. he has got to hear they will not accept decimating medicare, medicaid, pell grants, the environment in order to give tax breaks to the wealthy. the president has to stand up for the millions of ameri

and the cayman islands, u.k., and japan. once you were in there, you tended to stay in there and the probability of moving out was -- you can see by the size of the arrows, you do move out. in 2008, that cluster in the middle is smaller, and the arrows out are wider and fatter, and then there's lots of arrows between those outside pieces so this suggests that once something hits, it kind of moves around a lot, and that's in some sense more con they gent and more systemically risky for an institution. one example is if you have a crisis in 2008, you have to have a lot more people in the room to have the discussion than you did in 1989. that's another way to characterize it. okay, two more measures i'll run through. the next slide. i think at the board we have not just again institutions and banking, but market and macromeasures. one example, the fed niche -- initiated a survey last year to get information on the valet in terms of credit for securities financing and otc derivatives. this was to gain a wipe doe into the -- wind

questioning that they did not have a single employee in the cayman islands. closing the offshore loophole would make our effort to equitably tax carried interest all the more effective by shutting off a major avenue that hedge funds and other investment funds use to dodge taxes. democrats have rightly proposed addressing the carried interest loophole and offshore tax havens and other unfair tax loopholes as part of a balanced deficit reduction straits. we believe it is grossly unfair to cut programs that help young americans get a college education or help train working americans for new jobs in order to protect tax loopholes that benefit the wealthiest americans. the republican response? to walk out of negotiations and say that they will not accept any deficit-reduction package if it includes revenue measures. mr. president, what is the time situation here? the presiding officer: the senator has 30 seconds remaining. mr. levin: is there any other senator waiting? i would ask unanimous consent that i be permitted to continue for three additional minutes. the

why don't we ask every politician who has an account in the cayman islands? they are all liars. host: thanks for the call. clarksville, tennessee, good morning. caller: i am calling because i want to say mr. gates has been a failure to this country. and i want to thank the last two callers from as threat and virginia. and we have only gone in more -- in worst debt because of bush. the when you are looking at mr. gates you might as well be looking at mr. bush. and now we have obama getting us into three times worse debt than bush did to us. we will be in the same path and history is repeating itself because we are not doing nothing about our only hope is to vote for ron paul. he is the last 12 we have for this country. host: he will be speaking later today in new orleans at the republican leadership conference. you can check of all of the latest updates at c-span.org /campaign2012. we also have links with the number of media partners. check it out fdot c-span.org/-- check it out at c-span.org /campaign2012. next is a pure from springfield, missouri, independent line. good morning

this was taken in the cayman islands.e as the place they are doing building out of. 18,000 corporations; really? do we think 18,000 corporations are doing real business out of that building? as chairman conrad has pointed out, the only business going on in that building is funny business; monkey business with the u.s. tax code. this is estimated to cost us as much as $100 billion every year. and for every one of those $100 billion lost to the tax cheaters hiding down there in the cayman islands, honest tax-paying americans and honest tax-paying american corporations have to pay an extra dollar or more to make up the difference. we recently voted for a continuing resolution to fund the government for the remainder of the fiscal year, and in it i supported and my colleagues supported belt-tightening across many agencies and programs, including even cuts in the accounts that fund senators' offices. so we're not against cuts but serious people understand that we can't just cut our way back to a balanced budget. there simply i

here is a building in the cayman islands. it's called ugland house. this nondescript building really doesn't look like much, but over 18,000 corporations claim that this building is their place of business. 18,000 corporations claim that this building is their place of business. it gives a whole new meaning to the phrase "small business" to imagine 18,000 corporations fitting into that little building. as budget committee chairman conrad has pointed out, the only business going on down there in the cayman islands is funny business, monkey business with the corporation tax code. it is corporations getting out of their responsibility of paying taxes to this country by hiding behind phony shell corporations down in the cayman islands. it's estimated to cost us as much as $100 billion each year to put up with this offshoring tax shelter of income. to keep our ship of state afloat, the republicans are asking us to cut investments in science and technology that will cure disease for americans and for mankind. and at the same time they're fighting to protect

why don't we ask every politician who has an account in the cayman islands? they are all liars. host: thanks for the call. clarksville, tennessee, good morning. caller: i am calling because i want to say mr. gates has been a failure to this country. and i want to thank the last two callers from as threat and virginia. and we have only gone in more -- in worst debt because of bush. the when you are looking at mr. gates you might as well be looking at mr. bush. and now we have obama getting us into three times worse debt than bush did to us. we will be in the same path and history is repeating itself because we are not doing nothing about our only hope is to vote for ron paul. he is the last 12 we have for this country. host: he will be speaking later today in new orleans at the republican leadership conference. you can check of all of the latest updates at c-span.org /campaign2012. we also have links with the number of media partners. check it out fdot c-span.org/-- check it out at c-span.org /campaign2012. next is a pure from springfield, missouri, independent line. good morning

these companies are using the address of the building in order to pretend to be cayman island countries, and we are losing about $100 billion every year in federal revenue. republicans are protecting those special trust. host: yesterday during his news conference, the president addressed democrats saying they must agree to painful spending cuts. this is what he have to say. we will get your response. >> democrats have to except some painful spending cuts that heard some of our constituencies, and we may not like. we have shown a willingness to do that for the greater good -- to say, look, there are good programs tt are nice to have, but we cannot afford them right now. and i, as commander-in-chief, have to have a difficult conversations with the pentagon, saying there is set here, we have to trim it out, and bob gates has done a good job identifying cuts, but we wil do more. i promise you, the preference of the pentagon would be not to cut any more, because they feel like they have already given. so, we are going to have to look at entitlements. that is always difficult politically. i h

corporations and the wealthy, sorry, you're no longer going to be able to stab your wealth in the cayman islands and avoid paying taxes. sixth, mr. president, if we established a wall street speculation fee of less than 1% on the sale and purchase of credit default swaps, stock options and futures, we could reduce the deficit by more unanimous $100 billion over the next decade and also, also, tell wall street that we're not going to tolerate their outrageous behavior, which led us into this recession in the first place. we are going to dry to get a handle on their speculation. number seven, mr. president, if we tax capital gains and dividends the same way that we tax work, ordinary workers, we can raise more than $730 billion over the next decade. why should somebody who clips dividend coupons pay a substantially lower tax rate than somebody who is out working on our streets or is a nurse or is a teacher? warren buffet has often said that he pays a lower effective tax rate than his secretary. and today the effective tax rates of the wealthiest 400 americans is just 18%, the lowest on record. and

these companies are using the address of the building in order to pretend to be cayman island countries, and we are losing about $100 billion every year in federal revenue. republicans are protecting those special trust. host: yesterday during his news conference, the president addressed democrats saying they must agree to painful spending cuts. this is what he have to say. we will get your response. >> democrats have to except some painful spending cuts that heard some of our constituencies, and we may not like. we have shown a willingness to do that for the greater good -- to say, look, there are good programs that are nice to have, but we cannot afford them right now. and i, as commander-in-chief, have to have a difficult conversations with the pentagon, saying there is set here, we have to trim it out, and bob gates has done a good job identifying cuts, but we will do more. i promise you, the preference of the pentagon would be not to cut any more, because they feel like they have already given. so, we are going to have to look at entitlements. that is always difficult politically.

in 2008, it moved from the cayman islands to switzerland.this tax avoidance operation referred to as -- quote -- "corporate inversion" had no real effect on where transocean does business. it continues to be, in fact, managed and controlled from houston, texas. and it continues to have a substantial drilling activities in american waters. by changing its legal domicile from delaware to a tax haven in the caribbean, transocean was able to cut its tax bill nearly in half. martin sullivan estimates that transocean's offshore tax scheme saved the company $1.9 billion from 2002 to 2009. now, that's an example of one of these tax subsidies that ought to be eliminated. congress shut down those corporate inversions in 2004 but only on a going-forward basis. and until congress gets serious about taxing u.s.-managed companies that deceptively claim to be foreign corporations, transocean and others will continue to benefit. and transocean is not alone. we know of at least five oil companies involved in offshore drilling that moved their legal domicile

corporations and wealthy individuals are stashing huge amounts of money in tax havens like the cayman islands in bermuda, and collectively, they are avoiding paying $100 billion in taxes to the u.s. treasury. i think that that is absurd. we have got to end those loopholes. they have to pay their fair share of taxes. and i can go on and on in terms of loopholes that exist for corporate america, which have got to be closed, the absurdity of the richest people in this country having an effective, a real tax rate lower than middle-class people. but here's the issue. if the republicans walk away from those negotiations, the american -- the president of the united states has got to accept their challenge, he has to go out to the american people, he has got to rally the american people around a deficit reduction program, which calls for shared sacrifice. that is what the call of the moment is, and i hope that the president does that. with that, mr. president, i apparently will be reading a short statement. mr. president, on behalf of senator akaka, i call up amendment number 512. the presiding offic

taxes by setting up phony business locations in the cayman islands and elsewhere. what they're really defending is ultra-high income individuals, the highest 400 earners in the country paying a lower actual tax rate than ordinary working americans. in some years lower than truck drivers, in some years as low as a hospital orderly. just last month republicans filibustered a measure that would have ended $21 billion in completely unnecessary subsidies for the largest oil companies. we know that those oil companies are enjoying record multibillion-dollar profits, the highest in some cases profits any corporation has ever made, and they do not need continued support from the american taxpayer. they just do not, not when these other cuts are being thought of. but our republican friends went to bat for the big oil companies and fought our attempts. to keep our ship of state afloat, republicans are willing to end medicare, kick children out of head start early education, knock down pell grants and eliminate p.b.s. but they will fight to protect special subsidies and tax b