US multinational corporations currently pay little to no US tax on their foreign profits, which incentivizes these companies to shift profits and real operations to tax havens.
Sen. Durbin and Rep. Doggett’s bill provides a critical safeguard against corporate abuse at this time of national crisis.
Supporters of the Tax Cuts and Jobs Act might have hoped for a more celebratory first year anniversary. The public has not seen the kinds of benefits promised — few have seen anything close to $4000 raises, and real wage growth, accounting for inflation, continues to be sluggish. And despite surging corporate profits, the stock market took a tumble as other factors weigh heavy on the minds of investors. Even the board room celebrations are muted at best.
Fuels Tax Haven Industry and Increases Incentives to Move Operations Offshore
WASHINGTON, D.C – Today, Congress passed the Tax Cuts and Jobs Act (H.R.1), and the President has indicated he will soon sign it into law. Among its many provisions, the bill changes the way in which corporations are taxed.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House and Senate leadership opposing the final conference version of the Tax Cuts and Jobs Act (H.R.1).
Bipartisan Voices Agree that Senate Bill Will Increase Shifting of Production Overseas and Profits to Tax Havens
WASHINGTON, D.C. – The U.S. Senate on Saturday passed its own version of the “Tax Cuts and Jobs Act” — legislation that will reward offshore tax haven abuse and increase the incentive to outsource American jobs abroad, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.