"Paradise for Tax Dodgers" -- Our Response To Tax Bills Passage

Hours after the Joint Committee on Taxation’s research revealed that the tax reform measure would increase taxes on people earning less that $75,000 in 2027, the House passed their version of tax reform.

Fair Share’s Nathan Proctor issued the following statement: 

This bill does nothing to help build an economy that works for people -- and instead rewards tax dodging companies. Though the proponents say that it would improve take home pay and boost economic growth, economists say that simply isn’t true. 

Others claim it would create jobs -- but the framework would increase incentives to shift profit and operations offshore -- a point Republican Sen. Ron Johnson echoed yesterday.

It won’t do anything to make the system more fair, especially on the corporate side, where large multinational companies will be rewarded for storing cash in tax havens. Even after the Paradise Papers shed a light on the complex offshoring schemes, Congress responded by expanded those loopholes, making this bill paradise for tax dodgers. 

We have big problems in our economy. The middle class is getting squeezed. Automation is reshaping work and we can’t keep up. Not only does this tax bill address none of these problems, it makes them worse, and gives away the funding that could be used to solve these problems.