July 8, 2015 01:15 PM | Permalink |
For Immediate Release: Wednesday, July 8, 2015
Senate Tax Writers Float Tax Plan That Bends to Corporations’ Will
Following is a statement by Bob McIntyre, director of Citizens for Tax Justice, regarding a bipartisan tax framework announced today by U.S. Sens. Chuck Schumer (D-NY) and Rob Portman (R-Ohio) that outlines their goals for international tax overhaul.
“Once again, the nation’s lawmakers are demonstrating that they are more interested in satisfying the concerns of corporate interests instead of thinking about the greater good. The plan adopts multinational corporations’ wish list almost verbatim–or, as they put it, ‘the National Association of Manufacturers may have said it best.’
“They propose a territorial tax system that would permanently exempt most offshore corporate profits from U.S. tax. They call for a special low tax rate on companies with legal monopolies (patents, copyrights and so forth) to benefit technology firms, movie makers, drug companies and others hugely profitable industries. They suggest what appear to be weak anti-abuse rules, with specific retention or at least possible retention of some of the worst offshore loopholes.
“Sens. Portman and Schumer repeatedly cite the concerns of multinational corporations as the source for their ideas. But they say almost nothing about the concerns of the rest of us.”