The legislation would end the rule allowing American corporations to avoid paying U.S. taxes on profits they hold offshore. This would end the incentive for companies to stash profits in tax havens like Bermuda and the Cayman Islands.
The bill would make several other reforms, including a ban on American corporations pretending to be foreign companies for tax purposes by inverting or by using a post office box in an offshore tax haven as an official headquarters.
Abuse of offshore tax havens is one reason why American corporations today pay far less than the 35 percent tax rate that is supposed to apply to their profits.
The legislation is supported by the AFL-CIO, Public Citizen, Americans for Tax Fairness, U.S. Public Interest Research Group, the American Federation of State, County and Municipal Employees (AFSCME), the Institute on Taxation and Economic Policy and several other organizations throughout the country.
To read the bill, click here.
To read a summary of the bill, click here.
To read a list of the top 12 corporate tax dodgers, click here.
The bill would make several other reforms, including a ban on American corporations pretending to be foreign companies for tax purposes by inverting or by using a post office box in an offshore tax haven as an official headquarters.
Abuse of offshore tax havens is one reason why American corporations today pay far less than the 35 percent tax rate that is supposed to apply to their profits.
The legislation is supported by the AFL-CIO, Public Citizen, Americans for Tax Fairness, U.S. Public Interest Research Group, the American Federation of State, County and Municipal Employees (AFSCME), the Institute on Taxation and Economic Policy and several other organizations throughout the country.
To read the bill, click here.
To read a summary of the bill, click here.
To read a list of the top 12 corporate tax dodgers, click here.
