Tell Congress: Shine a Light on Tax Avoidance
Tax Secrecy Enables Profit Shifting Schemes, Hurts Taxpayers, and Leaves Investorsin the Dark
The ongoing COVID-19 pandemic has laid bare the ramifications of the global race to the bottom on taxes, which has drained government coffers, hollowed out our public health and social services, and given rise to levels of economic inequality not seen since the Gilded Age. Certain companies profiting the most during the COVID-19 pandemic – like Microsoft, Google, or Facebook, which saw their profits surge since the start of the crisis – have a history of avoiding federal income tax. They are not outliers. Even before this crisis, copious studies found that large, multinational corporations in the United States and elsewhere use provisions in the tax code to shift profits and avoid paying taxes. The Treasury Department has estimated that the U.S. loses out on $60 billion in revenue every year due to multinational corporate profit shifting. These schemes deplete government revenues and leave individual taxpayers to pick up the bill. Investors, who need this information to assess tax risk and guide investment decisions, are also left in the dark without corporate disclosures.
It's time that Congress foster corporate tax transparency.
There is crucial legislation in the Senate, the Disclosure of Tax Havens and Offshoring Act, that will shine a light on profit shifting practices.
Take action now to urge your Senator to support the Disclosure of Tax Havens and Offshoring Act (S. 1545).