Small Business Leaders Call for Ending Offshore Loopholes, Raising Revenues from Corporate Tax Reform
In a press conference this morning with Sen. Calr Levin (MI) and business leaders called for corporate tax reform that raises revenue and closes the loopholes that allow multinational corporations to avoid $100 billion a year in U.S. corporate income tax.
Amid news that corporate tax reform is part of the fiscal cliff talks, 626 small business owners have signed a letter sent by the American Sustainable Business Council, Business for Shared Prosperity, and the Main Street Alliance to Congress and the President today with a call for corporate tax reform that:
—Raises revenue rather than being "revenue-neutral," so that “all businesses – large and small – contribute to the costs of government and the well being of the economy.”
—Ends the current incentives for multinationals to avoid tax by disguising U.S. profits as foreign profits and for shifting jobs and investments overseas.
—Levels the playing field so that multinational corporations aren’t paying lower tax rates than domestic companies and large businesses aren’t paying lower rates than small businesses.
A nationwide poll released earlier this year found that nine out of ten small business owners said offshore profit shifting by U.S. multinational corporations was a problem.