Some folks in Congress are ready to close up offshore corporate tax loopholes. Others still need convincing.
A total of 538 organizations – representing tens of millions of people – came together to tell the Senate to close up the loopholes that encourage big corporations to move jobs, profits and operations offshore and dodge paying their fair share of taxes here in the U.S.
The groups represent all sorts of people – moms, retirees, teachers, people of color, nature lovers, immigrants, religious leaders, electrical workers – way more than we can list without making you bored as you read this. Nearly every state in the nation is represented, too.
The one thing that unites us all, though, is that we’re out to make sure that big corporations pay their fair share, just like the rest of us, and to stop cuts to Medicare, Social Security and education.
Sen. Levin’s legislation will raise $220 billion by closing the most egregious corporate tax loopholes. If you heard about how Apple made profits of $74 billion between 2009 and 2012 but paid virtually no taxes to any country, or how Microsoft ducked out of paying at least $6.5 billion in U.S. taxes from 2009 to 2011, or how Hewlett-Packard funded its operations tax-free for four years by creating subsidiaries that then “loaned” it money – this bill is the fix.
Offshore tax dodging by these corporations and others costs U.S. taxpayers nearly $100 billion a year. And at the same time that a lot of politicians don’t want to close these loopholes, they’re totally fine with cutting Medicare, Medicaid and Social Security, and pulling the rug out from underneath working people.
That’s why 538 organizations told the Senate: Pass this bill. Please do your part, too. Say you’ll help make sure that Sen. Levin’s bill passes.
We’re going to get this done by speaking up, and getting everyone we know to speak up, too.