For-Profit Prison Industry leaders, the GEO Group and Corrections Corporation of America (CCA) together with the Million Shares Club (major investors owning over one million shares combined of CCA and GEO stock) are largely responsible for racist laws that target people of color and immigrants for incarceration, and expand the police state in poor communities.
In 2013, GEO and CCA received Real Estate Investment Trust (REIT) status, which creates a loophole for them and their investors to make billions in profit from incarcerating people of color and immigrants TAX FREE! In the first year of their REIT status, CCA paid no taxes when they earned a $71 million tax break even as their profits soared over 2012 levels. Meanwhile, GEO received a $26 million tax rebate.
The Joint Committee on Taxation has the power to revoke Private Prisons’ REIT Status.
Current Committee Members include Congressmembers Paul Ryan (WI), Sam Johnson (TX), Kevin Brady (TX), Sander M. Levin (MI), Charles B. Rangel (NY) and Senators Orrin G. Hatch (UT), Chuck Grassley (IA), Mike Crapo (ID), Ron Wyden (OR), and Debbie Stabenow (MI).