U.S. corporations have $2.1 TRILLION in profits stashed offshore – much of it in tax havens. As long as those profits are offshore, a tax loophole lets corporations dodge paying taxes on them.
It’s time for big corporations to pay the $600 BILLION in taxes they owe America.
Imagine what we can do with $600 BILLION – create good-paying jobs, improve schools, make college affordable, rebuild crumbling roads and bridges, research new medical cures and more.
Tax-dodgers should not get a sweetheart tax deal.
- Congress is considering whether to make tax-dodging corporations pay taxes on $2.1 TRILLION in offshore profits to fund highway construction. But some members of Congress want to give them a sweetheart tax deal to do it.
- Rather than pay the normal corporate tax rate of 35%, they might pay just 14% – or LESS! That’s a lower tax rate than many middle-class families pay.
- Apple would get a tax break of $52 BILLION. Microsoft would save $30 BILLION and Citigroup $12 BILLION. [Source: Citizens for Tax Justice]
We need an economy that works for all of us.
If we close tax loopholes for corporations that ship jobs and hide profits offshore, we can raise billions of dollars to invest in America.
Additional Resources:
- Americans for Tax Fairness Flyer – Pay What You Owe!
- Americans for Tax Fairness Toplines on Repatriation of $600 Billion
- Factsheet on $600 Billion from Chartbook (with sources)
- ATF Chartbook — Offshore Corporate Taxes Corporate Profits & Competitiveness of US Tax System
- 24 International Tax Experts Letter to Congress 9-25-15
- Tax Notes: Scholars Criticize International tax Reform Proposals, 10/5/2015
- Tax Experts Summary of Research on U.S. Effective Corporate Tax Rates
- Key Facts about Tax Havens and Corporate Tax Reform
- Credit Suisse Report, Parking A-Lot Overseas (3/17/15)