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Why would Congress want to reopen loopholes that let the richest multinational companies hide their profits overseas — loopholes that cost American taxpayers $10 billion per year?
Egregious tax loopholes that let corporations hide money in offshore tax havens expired at the end of last year, but many lawmakers want to reopen those loopholes. A number of policymakers are even pushing to reopen them permanently.
Tax loopholes (wrapped into a bill known as the "Tax Extenders") allow multinational corporations to dodge taxes by hiding profits overseas in tax havens like the Cayman Islands — some very profitable corporations pay $0 in taxes.
As these loopholes come up for consideration, Congress is faced with a $10 billion choice: Keep the corporate tax loopholes expired, so multinationals will pay their fair share, or reopen them open for multinationals to exploit year after year.
U.S. multinationals that shift their profits to tax havens use our infrastructure, benefit from our education system and large consumer market, and enjoy the security we have here, but are ultimately taking a free ride at the expense of other taxpayers.
Tell Congress to take a stand against multinational corporations that shift their profits offshore and avoid paying their fair share of taxes.