Steve Wamhoff

Taxing Offshore Profits and Domestic Profits Equally Could Curb Corporate Tax Dodging

In recent days, presidential candidates Sen. Kamala Harris and New York Mayor Bill DeBlasio have called for taxing corporate profits the same whether they are earned in the United States or abroad. These calls echo the position of Sen. Bernie Sanders, who has long had a proposal along these lines. As ITEP has explained, correcting this inequity is not a mere detail but rather a sweeping reform that could end incentives for companies to shift profits and jobs offshore.

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There Is No Evidence That the New Tax Law Is Growing Our Economy or Creating Jobs

Last week, the House Ways and Means Committee held a hearing on the Tax Cuts and Jobs Act (TCJA). Proponents of the law used the occasion to tout its alleged economic benefits and argued that its temporary provisions should be made permanent. The title of the hearing was “Growing Our Economy and Creating Jobs,” but there is little evidence that the law does either of these things.

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New UK Law May Shut Down the Biggest Tax Havens — Aside from the U.S.

The United Kingdom’s parliament has enacted a new law requiring its overseas territories — which include notorious tax havens like Bermuda, the Cayman Islands, and the British Virgin Islands — to start disclosing by 2020 the owners of corporations they register.

This could shut down a huge amount of offshore tax evasion and other financial crimes because individuals from anywhere in the world, including the United States. have long been able to set up secret corporations in these tax havens to stash their money.

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