John,
Did you know that American corporations dodge an estimated $60 billion each year in taxes by shifting profits offshore?
President Biden is proposing we raise the tax rate on what U.S. corporations pay on their foreign profits from 11% to 21% to bring it closer to the 28% rate he proposes to tax domestic profits. (ATF wants to go even further and raise the foreign profits tax rate to 28% to treat all profits the same.)
Biden’s proposal would help level the playing field for Main Street businesses and U.S. workers. Unfortunately, a group of 11 moderate House Democrats are standing in the way, recently writing to the House Ways and Means Chairman to continue the Trump-GOP tax handouts for greedy multinational corporations.[1]
Essentially, they want to continue to let Apple, Google, Pfizer, Merck, Nike and scores of other giant multinational corporations continue to shift profits to tax havens to dodge paying their fair share of taxes.
Every dollar of revenue not raised from the rich and corporations is a dollar not invested in children, families and working people.
We have less than a month until the House is expected to vote on President Biden’s $3.5 trillion budget reconciliation package. Donate today to fight back against attempts by moderate Democrats to protect the obscene profits of tax-dodging corporations, which in turn limit the investments we’re able to make in our future.
Check out Frank’s email below for more details on how multinational corporations abuse our tax system to enrich wealthy shareholders at home and abroad.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
[1] Letter from Rep. Bradley S. Schneider and 10 additional House Democrats, August 4, 2021
-- FRANK’S EMAIL --
John,
Nearly one-third of the revenue needed to cover the costs of President Biden’s $3.5 trillion Build Back Better agenda could be in jeopardy if 11 moderate Democrats get their wish.
In a letter sent earlier this month to House Ways and Means Chair Richie Neal, these Democrats used arguments made by tax-dodging multinational corporations to urge Neal and the Biden administration to take a go-slow approach to closing offshore corporate tax loopholes, claiming it would “impact U.S. competitiveness abroad.”[1]
Biden’s reforms, which Neal has not embraced, would raise more than $1 trillion in taxes over ten years.[2]
We’re fighting to ensure greedy tax dodging corporations pay their fair share, including multinational corporations that get tax breaks that encourage the shifting of jobs and profits offshore. Donate today to apply critical pressure to members of Congress to unrig our tax code through budget reconciliation and make the needed investments here at home.
Every dollar of revenue not raised from the rich and tax-dodging corporations is a dollar not invested in working families. And, thankfully for us, these corporate Democrats’ claim is not based in reality.
Even if Congress enacts President Biden’s international corporate tax reforms that we’re fighting for and about two-thirds of the American people support,[3] the biggest U.S. corporations will still pay lower tax rates than their international competitors.[4]
Right now, due to the Trump-GOP tax scam, offshore profits of American corporations are taxed at roughly half the tax rate applied to domestic profits, encouraging corporations to shift jobs and profits to offshore tax havens. It’s time to end this unfair advantage enjoyed by greedy corporations and put Main Street businesses and working people first.
Congress plans to vote on the $3.5 trillion budget reconciliation package in less than a month, meaning we have only a matter of weeks to demand Congress enact a tax system that makes corporations pay their fair share and invests in everything from healthcare to eldercare to childcare to education and more.
While these moderate Democrats are happy to demand Congress continue unfair tax giveaways to multinational corporations, they have not said what investments they’re willing to cut in exchange. Do they want to cut the Child Tax Credit, which is currently giving millions of working families a critical financial boost? Or, would they like to cut proposed Medicare expansions that would cover dental, vision and hearing? Or what about nutrition assistance for low-income children and families?
Donate today to tell members of Congress that it’s time for tax dodging multinational corporations to pay their fair share and to raise the full $3.5 trillion in revenue from the rich and corporations to invest in our future.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
With tight voting margins in both the House and Senate, we need to apply maximum grassroots pressure now.
Thank you for all that you do to demand an economy and a tax system that works for everyone, not just the wealthy and corporations.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] Letter from Rep. Bradley S. Schneider and 10 additional House Democrats, August 4, 2021
[2] “FACT Sheet: The Urgent Case for U.S. International Tax Reform,” the FACT Coalition, Aug. 6, 2021
[3] “Support for Biden’s Tax and Economic Plans: Findings from a Nationwide Online Poll of Registered Voters,” June 9, 2021
[4] “Even after Biden tax hike, U.S. firms would pay less than foreign rivals,” Reuters, June 22, 2021
