October 24, 2013

One Thing the 1980s Did Right

By Jay Davis, Digital Director, Americans for Tax Fairness

The last time the U.S. passed a major tax reform bill, it was 27 years ago, in 1986.

banglesCrocodile Dundee was playing in theaters, “Walk Like an Egyptian” was on the Billboard Top 100, and we were all wearing acid-wash jeans, hi-top sneakers and T-shirt clips.

Maybe you’re not one for 1980s nostalgia, but here’s something they did right back then: They closed $300 billion worth of corporate tax loopholes.

This year we have a shot at passing the Stop Tax Haven Abuse Act, which will bring in about $220 billion in additional revenue over 10 years by closing corporate offshore tax loopholes. It won’t be easy to get it through Congress, but if we all speak up we can make it happen.

So let’s get it done, and ensure that this is one of the good things folks associate with this decade someday.

Because face it — we don’t want Crocs, non-prescription geek glasses and meggings to be the only things we get remembered for.