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Close Expensive Offshore Tax Loopholes October 18th, 2013
Tax Justice Network is collecting organizational signatures for a letter in support of proposed legislation by Senator Carl Levin; the Stop Tax Haven Abuse Act (S. 1533). This critical piece of legislation closes the most egregious offshore tax loopholes used by big multinationals and wealthy individuals. It would raise $220 billion in revenue – enough to cover the costs of two years of the sequester.
Their goal is to sign on 500 organizations. Now that a short-term deal has been struck to reopen the government and extend the debt limit, Congress will move to set up a conference committee on the budget. Closing tax loopholes needs to be on the table in these budget negotiations.
The deadline for the letter is COB Friday, October 25th. To sign on, please visit this link.
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.
Click here to read more »
