Close Tax Loopholes

There is widespread agreement, across the political spectrum, that the gaming of the tax code by multinational corporations is a problem. When profits and jobs are shipped offshore, we not only harm the U.S. economy, we fuel a tax haven industry that drains wealth around the world. We seek to fix the problem of large, well-connected interests gaming the tax system.

Large Companies Dodging $767 Billion in U.S. Taxes through Offshore Loopholes

ITEP Report Reveals Fortune 500 Companies Booking Record $2.6 Trillion in Untaxed Profits Abroad
WASHINGTON, D.C. – As Washington turns its attention to tax reform, a new report from the Institute on Taxation and Economic Policy underscores the immense scale of offshore tax avoidance: Fortune 500 companies have booked a record $2.6 trillion in profits offshore, allowing them to avoid up to $767 billion in U.S. taxes.

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Legalized Cheating

Massive corporations are cheating us out of trillions of dollars that our infrastructure desperately needs. And none of it is illegal.
Crumbling bridges, abandoned schools, stalled plans for green energy—name a problem with American infrastructure, and someone will tell you the issue is a simple lack of funds.

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Debunking the 35 Percent Corporate Tax Myth

For years, the number one tax policy talking point from corporate lobbyists has been the claim that the United States has the highest corporate tax rate in the world. The story then goes that this high tax rate is driving away business and Congress should move to dramatically lower it.

A new study by the Institute on Taxation and Economic Policy (ITEP) reveals the reality that while corporations face a statutory tax rate of 35 percent, the tax code is so packed full of tax breaks that over eight years our nation’s largest and most profitable corporations paid an average effective tax rate of just 21.2 percent.

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New Bill Takes Aim at Offshore Tax Avoidance

FACT Coalition Statement on  Corporate Tax Dodging Prevention Act
WASHINGTON, D.C. – Legislation introduced by Sen. Bernie Sanders (I-VT), Sen. Brian Schatz (D-HI), and Rep. Jan Schakowsky (D-IL) Thursday takes aim at offshore tax avoidance by closing a number of loopholes in the tax code.

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