The FACT Coalition, Oxfam America, and Public Citizen host a panel discussion on closing U.S. corporate tax loopholes that drive profits and jobs offshore.
While the COVID-19 pandemic wreaks havoc on our economy and public finances, deterring offshore corporate tax dodging is more important than ever. Workers are facing the worst recorded crisis ever to hit the U.S. labor market. The market values for the largest corporations in the United States have soared since March, but one in six small businesses — those that can’t make use of offshore tax havens — have closed their doors.
Our panel of experts will review changes to the U.S. international tax framework that would put workers first, level the playing field for small and wholly domestic businesses, and improve the sustainability of the U.S. tax system. These experts touch on key legislative proposals including the No Tax Breaks for Outsourcing Act (H.R.1711, S.780), the Removing Incentives for Outsourcing Act (S.1610), and the Stop Corporate Inversion Act (S.2140), which would, among other things, equalize the foreign and domestic corporate tax rate and block corporations from artificially moving their address abroad to minimize their U.S. tax liability.
This is the second part of a briefing series on international tax issues. Click here to watch the previous event, “Trending Toward Tax Transparency,” reviewing the U.S. and international demand for public corporate financial disclosures on a country-by-country basis.
Watch here: https://www.youtube.com/watch?v=I__lwCM72YA.