By addressing unfair tax breaks given to U.S.-based multinational corporations, Congress can help level the playing field for wholly domestic businesses, end incentives for offshoring, and raise more than one trillion dollars in new revenues.
Congress must use the upcoming 2025 tax fight as an opportunity to eliminate incentives for U.S. multinationals to ship jobs and profits offshore, raise much-needed revenues to pay for policy priorities and reduce deficits, and level the playing field for domestic businesses and workers.
FACT calls on Congress to repeal the Foreign-Derived Intangible Income deduction, the Supreme Court reaffirms Congress’ taxing authority, and FACT, allies gather in Lithuania for the 2024 International Anti-Corruption Conference.
The Foreign-Derived Intangible Income (FDII) deduction benefits relatively few companies, costs the U.S. tens of billions annually in lost revenue, and perversely encourages corporations to move jobs and investment abroad.
