Bill Introduced to Close Tax Loopholes, Raise Revenue and Keep Profits and Jobs in U.S.
July 12th, 2011
Transfer pricing is a system whereby multinational corporations manipulate their internal prices to shift profits offshore, where they pay little or no tax.
In the midst of the current heated debate on the budget and associated deficit reduction, the introduction of a comprehensive bill to permanently close tax loopholes puts specific revenue-raising proposals on the table.
The Stop Tax Haven Abuse Act, introduced today by Senator Carl Levin (D-MI), would put new restrictions on the use of offshore tax havens to avoid and evade federal taxes. Some of the key provisions include taxing foreign corporations that do business primarily in the U.S., as domestic corporations, and requiring annual country-by-country reporting by SEC-registered corporations related to their employees, sales, purchases, financing arrangements, and taxes.
For a summary of the bill, click here.
Read Senator Levin’s press release for more information.
This bill is supported by the Financial Accountability and Corporate Transparency (FACT) coalition, which includes a broad range of organizations with an interest in seeing the loopholes closed due to their impact on jobs, critical programs, small businesses, human rights, corruption and national security. The Oblates of Mary Immaculate is a member of FACT.
One of the four major policy changes sought by the coalition is: “Eliminating loopholes in our tax system to make sure that the corporations that benefit from all of the resources, protections and markets in the United States pay their fair share of taxes.’
“At a time when Congress and the Administration are wringing their hands to come up with ways to address the deficit, this bill offers specific ways to not only raise revenue, but also level the playing field for small businesses and fix a broken tax system that facilitates job loss, crime and economic devastation,” said Nicole Tichon, a founding member of the FACT coalition and Executive Director of Tax Justice Network USA. “Any discussion of fiscal responsibility cannot stop at our shores and should include both sides of the ledger. This is a proposal that all taxpayers can get behind.”
For a full list of member organizations and campaign information visit http://www.tjn-usa.org/current-campaigns.
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Related keywords: Economic Justice, Financial Accountability and Corporate Transparency coalition, missionary oblates of mary immaculate, tax havens, tax loopholes
