Pocan and Local Business Coalition Call on Congress to Close Corporate Offshore Tax Loopholes
Madison, WI—U.S. Rep. Mark Pocan (WI-02) today joined Roman Candle Pizza founder and owner, Brewer Stouffer, and Wisconsin Business Alliance Executive Director, Lori Compas at a press conference to call on Congress to close the so-called “inversion” corporate tax loophole and address the broader issue of corporate tax avoidance. The press conference at Roman Candle Pizza highlighted how companies have taken advantage of the U.S. tax code through inversions, opening offshore subsidiaries and tax havens to avoid paying taxes in the United States.
“It is time Congress stop corporate deserters from abusing the U.S. tax system and avoid paying taxes,” said Rep. Mark Pocan. “Main street businesses like Roman Candle Pizza and thousands of others across Wisconsin are playing by the rules and paying their share while Wall Street corporations are finding new ways to dodge taxes. Corporations that avoid paying their taxes put the burden on American families and small businesses who have to shoulder a heavier load.”
Large corporations have taken advantage of the U.S. tax code to put billions in corporate profits in overseas accounts to avoid paying taxes in the United States. President Obama and Treasury Secretary Jack Lew have called on Congress to take action to permanently close the “inversion” tax loophole and save nearly $20 billion over 10 years, according to an estimate from the Joint Committee on Taxation.
“Tax inversion is not a left-or a right issue, but an issue for all American taxpayers,” said Brewer Stouffer, founder and owner of The Roman Candle Pizza. “Every business that has a shop or an office or a factory in the US is benefitting from all the services and opportunities our country and communities provide. They should pay for the privilege. Let’s make sure that all companies are playing by the same rules that The Roman Candle and most small business do every day.”
A report by Bloomberg shows multinational companies accumulated $1.95 trillion outside the U.S., in 2013 – an increase of 11.8 percent as corporations shift more profits to offshore tax havens.
“Congress should close the tax loopholes that allow large corporations to get out of their responsibility and require corporations to disclose the amount of federal income taxes that they pay,” said Wisconsin Business Alliance Executive Director, Lori Compas. “When large corporations use safe drinking water, schools, roads, and police and fire protection use just like we do, but then try to avoid their responsibility by relocating overseas, it hurts our local economy and leaves small businesses like ours footing the bill. We pay our fair share, and so should they.”