Sen. Johnson (R-WI): Senate Tax Bill Incentivizes Offshoring of Jobs and Production

Coalition Welcomes Wisconsin Senator’s Remarks in Opposition to Tax Plan

WASHINGTON, D.C. — In announcing his opposition to the Senate tax plan Wednesday, Sen. Ron Johnson (R-WI) mentioned that the bill’s shift to a so-called “territorial” tax system — whereby corporations are not taxed on their offshore profits — is one of the things that concerns him.  “With a territorial system, there will be a real incentive to keep manufacturing overseas,” Mr. Johnson is quoted as saying by The Wall Street Journal.  The Financial Accountability and Corporate Transparency (FACT) Coalition welcomed Mr. Johnson’s remarks.

Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement:

“We appreciate Sen. Johnson’s statement regarding the dangers of a territorial tax system.  There is now bipartisan recognition that this change would further incentivize the shifting of jobs, profits, and operations overseas.”

In October, more than 100 organizations wrote to Congress in opposition to a territorial tax system.

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Journalist Contact:

Clark Gascoigne
Deputy Director, The FACT Coalition
+1 202 810-1334
cgascoigne@nullthefactcoalition.org

Notes to Editor: