Congress: Let these offshore loopholes expire

Why would Congress want to make loopholes that let companies hide their profits overseas permanent --- loopholes that cost us $10 billion per year?

Help us remove tax loopholes from Congress’ holiday shopping list. Fair Share and our allies have just launched a petition which reads:

We, the undersigned, urge Congress to end the loopholes that reward offshore tax haven abuse and reject any attempt to cement them permanently into our already loophole-ridden tax code. Please vote to end the two offshore loopholes in the tax extender package, the CFC Look-through Rule and the Active Financing Exception, which cost us $10 billion per year.

To add you name, click here.

Loopholes that let corporations hide money in offshore tax havens are set to expire. Some lawmakers want to keep the loopholes open – and keep them open permanently.

Tax loopholes allow corporations to dodge taxes by hiding profits overseas in places like the Cayman Islands – some very profitable companies pay $0 in taxes. As these loopholes come up for consideration, Congress is faced with a $10 billion choice: Let the corporate tax loopholes expire so multinationals will pay their fair share, or keep them open for multinationals to exploit year after year.

Congress must deal with a package of tax credits, due to expire at the end of this year. Hidden among the tax credits are some of the worst loopholes that reward multinational corporations for moving profits and jobs overseas.

Why not take this chance to ditch some of the worst programs that enable tax dodging? Instead, backed by corporate lobbyists, there is a proposal to make these offshore loopholes permanent.

It’s about time that these corporations start living by the same rules as the rest of us. It’s time to close these loopholes.

Join us by adding your name to our petition.