Tax Justice

Taxing Offshore Profits and Domestic Profits Equally Could Curb Corporate Tax Dodging

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.

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Video: Webinar on the Harms of Inadequate Disclosures of Corporate Tax Practices

On May 7th and 8th, 2019, AFSCME, the Emerging Markets Investors Alliance, the FACT Coalition, Oxfam, and the Transparency & Accountability Initiative hosted a webinar on the harms of inadequate disclosures of corporate tax practices. Moderated by Gary Kalman, Executive Director of FACT Coalition, the webinar featured an expert panel that included, Ty Gellasch, founder of Myrtle Makena and former Senior Counsel to the Senate Permanent Sub-Committee on Investigations, Nicholas Lusiani, Senior Advisor at Oxfam America, Robert M. Wilson, Jr., investment officer and research analyst at MFS Investment Management, and Richard Phillips, former senior policy analyst at the Institute on Taxation and Economic Policy.

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Tax Bill Threatens U.S. Jobs

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.

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FACT Sheet: Offshore Tax Haven Abuse by the Numbers (November 2017)

$129 billion to $205 billion: Amount that U.S. taxpayers lose in federal revenue to offshore tax haven abuse each year.

$94 billion to $135 billion: Lost U.S. revenue from offshore profit shifting by multinational corporations annually.[i]
$35 billion to $70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.[ii], [iii]

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