FACT submits comments calling for international corporate tax reform ahead of a House hearing on global competitiveness, and a Senate funding bill avoids dangerous riders and maintains key funding levels.
The House Ways and Means Committee’s draft tax bill extends trillions of dollars in wasteful and unpopular tax breaks, paving the way for massive cuts to vital health and other public services. Lawmakers must go back to the drawing board.
Whether effective or not, tariffs are meant to react to a very real problem: the decades-long collapse of what was once a dynamic U.S. manufacturing base. Our current tax policy has only made that problem worse.
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.
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.
