No More Corporate Tax Havens
As the U.S. Congress and the Deficit Reduction Committee debates deep and painful budget cuts, profitable U.S. corporations are dodging an estimated $100 billion in taxes each year. Just last year alone, corporations like General Electric, Verizon, and Ebay actually received tax refunds from the government.
A large majority of U.S. corporations now establish subsidiary corporations off shore for the principal purpose of tax avoidance. The two biggest recipients of taxpayer bailout funds are, by no coincidence, huge users of the offshore system. Citigroup has 427 subsidies in tax havens and Bank of America has 115.
There is a solution. This summer Senator Carl Levin (D-MI) and Representative Lloyd Dogget (D-TX) introduced updated versions of the Stop Tax Haven Abuse Act (S 1346, HR 2669), a comprehensive bill that would close down huge amounts of illicit flows and tax gimmicks.
This bill offers powerful new tools to combat offshore and tax shelter abuses, raise revenues, and eliminate incentives to send U.S. profits and jobs offshore.
Take action now. Sign the petition supporting the Stop Tax Haven Abuse Act and keep corporate profits where they belong, at home.
“I’m tired of Congress enabling these corporate tax cheats. It’s long past time to pass the Stop Tax Havens Abuse Act.”