ICYMI: 58 National Groups Support Immediate Enactment of President Biden's Plan to Close Offshore Tax Loopholes
While Main Street is coming back from the depths of the economic crisis, many small businesses are being punished by to a tax code that disproportionately benefits multinational corporations. President Biden's Build Back Better Agenda will crack down on the unfair tax schemes that give big corporations a leg up, while delivering tax cuts to more than 3.9 million entrepreneurs. 58 national organizations, representing millions of Americans, are urging Congress to enact President Biden's plan to create a fairer tax code for Main Street.
In a letter to Congress, these organizations wrote that, "essential international tax reforms proposed by President Biden will raise critically needed revenue and fix our broken tax system, which rewards corporations that offshore jobs and investments and shift profits to tax havens." The groups underscored that "sixty percent of U.S. multinationals' offshore profits are attributed to just seven low-tax countries that make up less than 4% of global GDP, indicating that these profits do not represent meaningful investments in tax-havens so much as shirking tax responsibility in the U.S."
The letter goes on to say that, "strong international tax reforms would end perverse incentives for multinational corporations created by the Trump-GOP tax law to offshore profits and jobs." And, it debunks the false claims that such reforms will hurt U.S. competitiveness and that we should wait for or be limited by the final outcomes of international negotiations.
The letter also reminds members of Congress that, "curbing offshore tax avoidance by multinationals is highly popular with the public," with over two-thirds of Americans supporting a 15% global minimum tax on corporations, including 72% of Independents and 56% of Republicans.
Read the full letter here.
Joseph R. Biden, ICYMI: 58 National Groups Support Immediate Enactment of President Biden's Plan to Close Offshore Tax Loopholes Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/352069