FOR IMMEDIATE RELEASE: November 19, 2013
Tax Fairness Coalition Poll Shows Public Opposes Key Element of Baucus’s International Tax Proposal
WASHINGTON – Frank Clemente, campaign manager of Americans for Tax Fairness, reacted strongly today to draft text of legislation by Senator Max Baucus (D-MT) that would make sweeping changes to the U.S. tax code for multinational corporations.
The proposal put forward by Senator Baucus, chairman of the Senate Finance Committee, is designed to be “revenue neutral” – it uses all revenues achieved by closing corporate tax loopholes to lower rates. Americans for Tax Fairness and its 325 national and state coalition partners support an approach that uses those revenues to replace automatic spending cuts mandated by the budget sequester.
There is new evidence that the American public strongly supports ATF’s position. An October poll conducted by Hart Research Associates reveals that by a remarkable nine-to-one ratio voters prefer that any revenue generated by closing corporate loopholes or limiting tax deductions for the wealthy should be used for public investment and deficit reduction (82%), not to lower tax rates on corporations or the wealthy (9%). In other words, the public overwhelmingly opposes the central principle of the Baucus proposal.
Frank Clemente, campaign manager of Americans for Tax Fairness, released the following statement on behalf of the organization and its coalition partners.
“Senator Max Baucus deserves credit for putting forward detailed options for reforming the international tax system and for closing some egregious tax loopholes that let U.S. multinational corporations avoid billions of dollars in taxes every year. Those loophole closures likely would raise a significant amount of desperately needed tax revenue.
Unfortunately, his proposals are ‘revenue neutral,’ meaning they would not raise a dime in additional tax revenue from corporate America. Instead, the new tax revenue would be used to lower corporate tax rates.
Our recent scientific poll demonstrates that there is almost no public support for using tax reform to reduce tax rates on corporations.”
Americans for Tax Fairness is a diverse coalition of more than 325 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.