John,
Imagine a world where multinational corporations can no longer hide their profits in international tax havens. That was the goal of a 15% global corporate minimum tax that President Biden and Treasury Secretary Janet Yellen championed among 38 industrialized countries.[1]
This groundbreaking initiative would have closed loopholes, raised revenue, and ensured fair competition.
But now, all of that progress has been scrapped. Donald Trump has backed out of the agreement, giving corporations the green light to shift jobs and profits overseas once again. The No Tax Breaks for Outsourcing Act is our best chance to fight back.[2] This bill would:
-
Tax U.S. corporations’ offshore profits at the same rate as domestic earnings.
-
Close loopholes like GILTI that encourage profit-shifting to tax havens.
-
Block corporate inversions that allow companies to pretend to be foreign in order to dodge U.S. taxes.
With this bill, we can stop rewarding corporations for sending jobs overseas and reclaim $770 billion in lost revenue over the next decade.[3]
Take action: Demand Congress pass the No Tax Breaks for Outsourcing Act now.
This isn’t just about tax policy, it’s about jobs, infrastructure, and the future of American workers. Every dollar lost to tax havens is a dollar that could fund healthcare, education, or climate solutions here at home.
While corporations rake in record profits and avoid paying their fair share in taxes, working families are left to pick up the tab.
The No Tax Breaks for Outsourcing Act will change that, leveling the playing field for small businesses and creating a fairer economy for all of us.
We need your voice. Join us in urging Congress to pass this critical legislation and take a stand for tax fairness today.
Thank you for taking action,
John Foti
Legislative Director
Americans for Tax Fairness Action Fund
[1] Statement from Secretary of the Treasury Janet L. Yellen on the European Union Directive Implementing a Global Minimum Tax
[2] House and Senate Legislation Would Close Loopholes in Trump-GOP Tax Law That Incentivize Shifting Jobs & Profits Offshore
[3] 90 NGOs Call on Congress to End the Corporate Tax Preference for Shifting Jobs & Profits Offshore
-- David's email --
John,
We were on the brink of global tax fairness. President Biden and Treasury Secretary Janet Yellen had secured momentum among 38 industrialized countries for a 15% global corporate minimum tax.[1] This historic effort would have shut down corporate tax havens and leveled the playing field for U.S. workers and businesses.
But now, Donald Trump has pulled the plug―walking away from this global agreement, allowing multinational corporations to continue exploiting tax loopholes and shifting profits to offshore tax havens, costing the U.S. tens of billions of dollars each year.
This is where the No Tax Breaks for Outsourcing Act comes in.[2] Introduced by Sen. Sheldon Whitehouse and Rep. Lloyd Doggett this past week, the bill would reverse Trump’s harmful policies and stop rewarding corporations for offshoring jobs by:
-
Equalizing tax rates on profits earned abroad and at home.
-
Eliminating deductions for Global Intangible Low-Tax Income (GILTI) and other loopholes.
-
Preventing corporate inversions where companies dodge taxes by claiming foreign status.
The No Tax Breaks for Outsourcing Act is critical to restoring tax fairness and reclaiming revenue for vital investments like infrastructure, education, and healthcare.
Congress needs to hear from you: Tell them to pass the No Tax Breaks for Outsourcing Act and end tax rewards for offshoring now.
Corporate lobbyists are already lining up to oppose this legislation, fighting to preserve a system that lets them pay less in taxes when they invest overseas than when they invest here.
And the cost is staggering: economists estimate this bill would generate $770 billion over the next decade, enough to transform American communities.[3]
We can’t afford to wait. With Trump’s retreat from the 15% global corporate minimum tax, this bill is our best chance to restore fairness and stop rewarding tax havens.
Take action to demand Congress pass the No Tax Breaks for Outsourcing Act today.
Together, we can ensure corporations pay their fair share and invest in America.
Thank you for standing with us,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Statement from Secretary of the Treasury Janet L. Yellen on the European Union Directive Implementing a Global Minimum Tax
[2] House and Senate Legislation Would Close Loopholes in Trump-GOP Tax Law That Incentivize Shifting Jobs & Profits Offshore
[3] 90 NGOs Call on Congress to End the Corporate Tax Preference for Shifting Jobs & Profits Offshore
