Peace Education Center of Greater Lansing endorses the No Tax Breaks for Outsourcing Act, along with 90 organizations. It is supported by 100+ Legislators
This legislation was reintroduced on Thursday, March 11, with the support of more than 100 legislators in the House and Senate.
WASHINGTON, DC – The FACT Coalition welcomed the introduction of legislation Thursday by Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) to combat multinational corporate tax avoidance. The Act would equalize the foreign and domestic tax rate – ensuring corporations pay at least the statutory rate in every country in which they operate – and repeal deductions that offer incentives to corporations to move real jobs and operations overseas.
“Current loopholes in the U.S. international tax system abet multinational corporations in avoiding taxes they would otherwise be required to pay,” said Ian Gary, executive director of the FACT Coalition. “The No Tax Breaks for Outsourcing Act will remove incentives to move U.S. jobs abroad; level the playing field for small businesses; and move us toward a fairer tax system that works for all.”
“The Biden Administration has made clear its intention to work with governments around the world to halt the global race to the bottom on taxes, in part to help fund the U.S. economic recovery from the COVID-19 pandemic,” Gary said. “This Act complements the Administration’s agenda on U.S. tax reform and in international tax negotiations and will help tackle the worst of offshore corporate tax haven abuse.”
In addition to equalizing the foreign and domestic corporate tax rates and repealing deductions on certain overseas investments, the No Tax Breaks for Outsourcing Act (H.R. 1785 / S. 714) would eliminate the tax break for foreign oil and gas extraction income and institute a number of provisions aimed at combating “inversion” practices in which corporations artificially move their tax address abroad to avoid U.S. liability.
This legislation is backed by more than 90 organizations, drawing strong support from labor unions, small business organizations, think tanks, and a diverse coalition of civil society organizations.