In recent days, presidential candidates Sen. Kamala Harris and New York Mayor Bill DeBlasio have called for taxing corporate profits the same whether they are earned in the United States or abroad. These calls echo the position of Sen. Bernie Sanders, who has long had a proposal along these lines. As ITEP has explained, correcting this inequity is not a mere detail but rather a sweeping reform that could end incentives for companies to shift profits and jobs offshore.
“Tax Extenders” Deal Could Permanently Enshrine Outrageous Tax Dodging Loophole in Tax Code, Extend Another One for Five Years
Congressional Negotiators Ignore a Hundred Thousand Letters from Constituents Calling for an End to Egregious Offshore Tax Loopholes
WASHINGTON, DC – Civil society groups assailed a backroom congressional tax deal released early this morning as an egregious giveaway to multinational tax dodgers at the expense of U.S. taxpayers. The so called “tax extenders” deal could permanently enshrine in the tax code an offshore loophole known as the “Active Financing Exception”, which is abused by multinational companies to artificially shift profits overseas and dodge taxes at the expense of the American public. The deal also extends for five years another offshore loophole, known as the “CFC Look-Through Rule”, which also allows corporations to use accounting tricks to avoid paying taxes.
House Lawmakers to Vote this Week on Temporary Renewal of “Tax Extenders” Package – including Two Outrageous Offshore Tax Loopholes Costing Taxpayers $10 Billion Annually
Some on Capitol Hill Push to Make Loopholes Permanent, but Media Reports Suggest Offshore Provisions Could Be Phased out as Part of Bigger Tax Deal, A Welcome Development
WASHINGTON, D.C. – Members of Congress should reject two egregious international tax loopholes in pending legislation, which combined would cost American taxpayers $10 billion per year, the Financial Accountability and Corporate Transparency (FACT) Coalition, its members, and tens of thousands of Americans said today.
House Ways and Means Committee Set to Consider Enshrining “CFC Look-Through Rule” and “Active Financing Exemption” Thursday
Unpaid-for Corporate Giveaways to Cost American Taxpayers $100 Billion
WASHINGTON, DC – The Financial Accountability and Corporate Transparency (FACT) Coalition called on Members of Congress today to strongly reject pending legislation that would cost American taxpayers $100 billion over the next decade by enshrining egregious tax loopholes which reward multinational companies for artificially shifting profits overseas.
The FACT (Financial Accountability and Corporate Transparency) Coalition is today calling on Congress to reject two tax extenders that are nothing more than offshore loopholes which allow U.S. companies to dodge billions worth of taxes.
The FACT (Financial Accountability and Corporate Transparency) Coalition expressed its disappointment today with the passage of the tax extenders package as it still includes two wasteful offshore loopholes that allow U.S. companies to dodge billions worth of taxes.