BSP In the News
- The Hill: Frank Knapp, Small business opposes multinational corporations' tax avoidance
- Minimum Wage News at our BUSINESS FOR A FAIR MINIMUM WAGE website
- The Hill: Report: Taxpayers shoulder burden for offshore tax haven use
- Paramus Post (NJ): Offshore Tax Havens Cost Average Taxpayer $1,026 a Year, Small Businesses $3,067
- U.S. PIRG, Sen. Levin, Small Business Leaders Release "Picking up the Tab 2013: Average Citizens and Small Business Owners Pay the Price for Offshore Tax Havens"
- American Forum: Scott Klinger, Half Time at the Federal Budget Super Bowl
- Philadelphia Daily News: Talking Small Biz
- Triple Pundit: Don’t Blame Google and Starbucks For Minimizing Tax Bills
- Roll Call: Time for Plan C - Close the Floodgates on Corporate Tax Dodging
- CFO: Small Biz, the Fiscal Cliff, and the Big, Bad Bank
- Westerly Sun: Business leaders urge change in tax system
- McClatchy Tribune News Service: A plea for tax fairness from small businesses
- UPI: 'Fiscal cliff': Is there a Plan C to avoid tax increases, spending cuts?
- Madison Capital Times: Wisconsin business owners join national call to raise corporate taxes
- Charlotte Observer: Charlotte small business owners urge tax reform
- Politico: 'Revenue-neutral' tax reform takes hit
- National Journal: Sen. Levin, Small Businesses Push for Corporate Tax Hikes
- Washington Post: Sen. Levin wants corporate tax revenue in a fiscal cliff deal
- The Hill: Corporate revenues must be in debt deal
- Accounting Today: Small Business Leaders Urge Closing of Corporate Tax Haven Loopholes
Roll Call: Time for Plan C - Close the Floodgates on Corporate Tax Dodging
Op-Ed By Holly Sklar and Scott Klinger
Roll Call, Dec 28, 2012
With President Barack Obama’s Plan A that includes cuts to Social Security benefits and Speaker John A. Boehner’s Plan B that continues tax cuts for most rich Americans, it is time to consider Plan C — closing the costly loopholes that allow U.S. multinational corporations to use accounting tricks to dodge as much as $100 billion in taxes each year.
Bloomberg recently reported, for example, that Google has been using accounting maneuvers to shift $10 billion of profits to tax-free Bermuda ...
America’s small business owners across the political spectrum reject big business attempts to dress up their U.S. profits in Bermuda shorts in order to reduce their tax bills. In a nationwide poll of small business owners earlier this year, 91 percent of those surveyed said it is a problem that U.S. multinational corporations use accounting loopholes to shift their U.S. profits to offshore subsidiaries — often little more than a brass nameplate and a P.O. Box — to avoid taxes.
While U.S. corporate profits are at a 50-year high, U.S. corporate income tax collections as a percent of GDP are at a 50-year low. In 1952, U.S corporate income taxes accounted for 32 percent of the federal government’s revenues; last year this number was less than 8 percent. Corporations want to benefit from America’s market, infrastructure and public services — everything from roads to schools to first responders to taxpayer-funded research; they want others to pay for it.
Unfortunately, President Obama and many members of Congress favor revenue-neutral corporate tax reform, which would make today’s historically low corporate tax contributions permanent, depriving the Treasury of trillions of dollars of corporate tax revenue in the decades to come. The last thing we need is to reward corporations for shifting profits and jobs offshore. ...