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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.

Congress mulls $400 Billion tax break for corporations

You might have thought it was bad enough that some U.S. multinational corporations are dodging $600 billion in taxes by hiding their profits overseas.

Now some in Congress want to let these corporate tax dodgers off the hook -- permanently -- for $400 billion and make it easier for them to avoid paying what they should moving forward. That's not fair to you, me or other businesses.

Mass. State Legislature Holds Hearing on Bill to Close Tax Loophole

On Tuesday, June 9 a public hearing was held before the Joint Committee on Revenue regarding a measure that would close the “water’s edge” loophole. This tax loophole allows companies to avoid taxes they would otherwise owe by shifting profits to offshore tax havens around the globe.

Nathan Proctor, State Director of Massachusetts Fair Share, testified before the Committee:

“Over the last year, Massachusetts Fair Share has collected more than 7,000 comments and signatures from Massachusetts residents in support of closing a loophole which allows companies to avoid taxes by stashing cash

Fair Share Applauds Obama Action on Inversions; Calls on Congress to Finish the Job

Washington, D.C.  – Fair Share today applauded the Obama Administration’s plans to discourage corporations abroad to avoid U.S. taxes, but noted that only comprehensive reform in Congress will stop the damaging of America’s corporate tax base and the loss of billions of dollars that could help rebuild the middle class and put the nation’s economy back on track.

In recent weeks, Fair Share has collected more than 8,000 petition signatures calling on Congress to act and taking corporations such as Burger King to task for not meeting their very American obligation to pay their fair share of