Press Advisory For: Thursday, October 28, 2021
Contact: Janel Forsythe | [email protected]
Representative Lloyd Doggett (D-TX) will join the Financial Accountability and Corporate Transparency (FACT) Coalition, Small Business Majority, American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), and Oxfam America to discuss the impact that the White House’s newly announced Build Back Better Framework and a global agreement on the taxation of multinational enterprises (MNEs) would have on the U.S. economy.
On October 30-31, G-20 leaders, including President Biden, are expected to formally approve an international agreement to finalize the Organization for Economic Cooperation and Development’s (OECD) two-pillar framework on the taxation of MNEs in a more digitized and global economy. The framework will require that the U.S. make several changes to the ways it taxes MNEs, some of which are rapidly evolving through debate in Congress as part of President Biden’s Build Back Better agenda. The White House expects these proposals to provide at least $350 billion in offsets for hard and social infrastructure under consideration by Congress.
Rep. Doggett and advocates will discuss how the creation of a global minimum corporate tax, along with other proposed changes by the OECD, could increase the competitiveness of U.S. businesses and American workers. They’ll also discuss the congressional state of play on this framework in the Build Back Better agenda and beyond.
- Representative Lloyd Doggett (D-TX)
- Financial Accountability and Corporate Transparency (FACT) Coalition
- Small Business Majority
- American Federation of Labor and Congress of Industrial Organizations (AFL-CIO)
- Oxfam America
- Virtual press event to discuss the impact of the OECD’s new framework on U.S. businesses and workers, and necessary next steps in the budget reconciliation process.
- Monday, November 1, 3:30pm ET / 12:30pm PT
- RSVP to Janel Forsythe, [email protected] for the link to the virtual event.
Following the event, the groups released the following statements
Congressman Lloyd Doggett (D-TX):
“The OECD agreement and the international tax provisions in Build Back Better are a good first step. They mean American workers will be more competitive because their employer won’t get a giant tax break sending their factory abroad. They mean small businesses will compete on a more even playing field, as their larger competitors – some of whom have paid nothing in tax year after year – will now contribute to the physical and social infrastructure that makes our American economy possible. And by limiting the abuse of offshore tax havens, Build Back Better means we will have the resources to fully pay for critical investments that will make healthcare, childcare, and education more affordable, to green our economy and to create millions of new, good-paying jobs.”
Ryan Gurule, Policy Director, FACT Coalition:
“The OECD agreement is a historic achievement and a call to action for Congress. Implementing consistent reforms will increase the competitiveness of U.S. businesses and American workers and will ensure the U.S. remains a leader in ending the global race to the bottom in corporate taxation. It’s time to transition our tax system from one that enables multinational corporations to avoid taxes, to one that is focused on equitably funding solutions to our biggest collective challenges, such as fighting climate change and addressing persistent inequities.”
Didier Jacobs, Senior Policy Advisor, OxFam America:
“Now that the world has concluded negotiations on a global minimum tax rate, it’s time for Congress to act. For too long, multinational corporations have engaged in a race to the bottom that rewards rich executives and investors while leaving working families behind. The global agreement gives Congress room to meet President Biden’s ambition to raise the U.S. tax rate on foreign profits without fear of harming the competitiveness of US companies. Congress must act immediately to pass the President’s economic plan to end the offshoring of U.S. profits and jobs while raising more revenue for critical investments in American workers and families.”
Damon Silvers, Policy Director and Special Counsel, AFL-CIO:
“For decades working people have been bearing a greater and greater share of the tax burden in the United States and around the world as global corporations and compliant governments engaged in a race to the bottom on corporate taxes. The 15% minimum global corporate tax rate that Secretary Yellen and the Biden Administration fought for and won at the OECD and the G20 is a critical first step toward restoring fairness in the tax system both in the United States and around the world.”
Awesta Sarkash, Government Affairs Director, Small Business Majority:
“Large corporations have an unfair advantage over small businesses when it comes to our current tax system. That’s why it’s important to level the playing field by imposing a 15% global minimum tax on corporate offshore profits. Small businesses support proposals that will help ensure wealthy corporations are not able to take advantage of offshore tax loopholes that allow them to avoid paying their fair share. It’s critical that we advance the global minimum tax to increase competitiveness and support an inclusive economy.”