Fair Share speaks out against Rep. Delaney's Corporate Giveaways
Rep. John Delaney (D-MD) is putting forward two bills, “Partnership to Build America Act” and the “Infrastructure 2.0 Act,” which are tax giveaways posing as infrastructure spending.
Fair Share is joining with our allies at FACT to oppose these bills, and call for real reform that evens out the tilted playing field of corporate taxes, not makes it worse.
Already, our loophole-ridden corporate tax code is rigged for big companies and their armies of tax lawyers. By stashing profits in offshore tax havens through complex accounting schemes, big multinational companies avoid paying hundreds of billions in taxes, leaving the rest of -- taxpayers and smaller businesses -- to pick up the tab.
There is an estimated $2.5 trillion in profits from U.S. companies stashed offshore, which costs taxpayers nearly $718 billion in lost revenue, most of it held by just a few dozen companies. Meanwhile, our local businesses are paying full freight. They don't set up shell companies in the Cayman Islands to stash their money. Why shouldn't everyone play by the same rules?
Both of Rep. Delaney's bill would reward companies who do the most offshoring by offering steep discounts on the money held offshore. They take an already rigged system and rig it further.