Washington, D.C. – Americans for Tax Fairness, which represents 425 national and state endorsing organizations, sent a letter today to U.S. Senate Finance Committee members about tax extender legislation strongly urging them to offset the cost of $87 billion in corporate tax breaks by closing other corporate tax loopholes. The total tax extender package includes about 50 tax breaks that will cost taxpayers $96 billion over the next two years, with 82 percent of them going to corporate interests. Eighteen percent of the total tax breaks – $17 billion – will subsidize corporations that shift profits and jobs offshore.
“On behalf of Americans for Tax Fairness’s 425 endorsing organizations we ask you not to renew corporate tax extenders unless the costs are paid for by eliminating other corporate tax breaks. We also ask that you not renew the two tax loopholes that encourage companies to ship profits and jobs offshore – Active Financing Exception and the CFC Look Through Rule.
“It is time to end the double standard whereby tax cuts for corporations are not paid for while services and other vital investments have to be paid for. Tax breaks are not free. Every dollar given away to extend corporate tax breaks – for businesses, including wealthy NASCAR race track owners, thoroughbred breeders in Kentucky, large profitable corporations, and Wall Street banks – is a dollar not available to feed the hungry, educate our children, invest in jobs for the future or reduce the deficit.
“Consider: the $96 billion in tax breaks is more than the $87 billion shortfall from 2016 through 2021 in the Highway Trust Fund Accounts, according to the Congressional Budget Office, which imperils basic investments in roads, bridges and mass transit.”
– Person’s Name
A full copy of the letter can be found here.
Americans for Tax Fairness is a diverse coalition of 425 national and state organizations that collectively represent tens of millions of members. The organization was formed on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. ATF is playing a central role in Washington and in the states on federal tax-reform issues.