For Immediate Release
December 20, 2012
Contact: TJ Helmstetter
515 Groups Send Letters to White House & Congress: Fight for Corporate Tax Reform that Raises Revenue – Not Revenue Neutral; Oppose Territorial Tax
WASHINGTON, D.C. — Americans for Tax Fairness, a campaign of state and local organizations united in support of a tax system that works for all Americans, released a letter today sent to President Barack Obama and Capitol Hill in support of revenue-positive changes to the corporate tax code and to voice strong opposition to a territorial tax system. You can view the letter to President Obama and all 515 group signers online here.
“We understand that you may be considering changes to the corporate tax system as part of a deficit-reduction deal. If so, we ask you to do two things: 1) Ensure that corporations pay their fair share to reduce the deficit by closing corporate tax loopholes and adopting changes to the corporate tax code that result in significant additional revenues rather than “ revenue neutral ” reform, and 2) oppose adoption of a territorial tax system, which will encourage corporations to shift U.S. jobs and profits overseas, further reducing revenues and undermining our economy and families,” reads the letter.
The letter was initiated because organizations are concerned that a deficit-reduction deal being negotiated between President Obama and Congress may require tax-writing panels in the next Congress to draft a corporate tax reform plan that is revenue neutral and could encourage adoption of some type of territorial tax system.
“A deficit-reduction deal must require corporations to contribute their fair share of taxes,” said Frank Clemente, campaign manager of Americans for Tax Fairness, which led the effort to recruit letter signers. “Our corporate tax code is full of special breaks and loopholes that benefit powerful interests. It would be outrageous if corporate tax reform continues a rigged system that sticks the middle-class with the tab.”
“At a time when Congress is considering whether to cut essential programs like defense, education, and health care, it only makes sense that Congress should also consider closing corporate tax loopholes that largely benefit the most-profitable companies in the country and put smaller companies at a competitive disadvantage,” said U.S. Sen. Carl Levin (D-MI).
“Any budget deal should ensure that corporations are contributing their fair share. We strongly oppose any proposal that would give corporations, making record profits, a permanent tax holiday as they shift profits and jobs offshore. We simply can’t afford it and it doesn’t make sense. Corporations enjoy all of the protections and advantages of doing business in the U.S., yet don’t want to pay for any of it. It’s the worst type of entitlement,” said Nicole M. Tichon, executive director of the Financial Accountability & Corporate Transparency (FACT) Coalition, which has led the effort to end corporate use of foreign tax havens that rob the U.S. Treasury of more than $100 billion a year.
Read the full letter sent to President Obama and all members of Congress signed by 515 national and state organizations online here: bit.ly/WudULu