Take Action! Tell NC Federal delegation that you’re tired of picking up the tab for corporate tax dodging
The government shutdown is over, but as Congress turns to writing a long-term budget by December 13, the fight is just beginning. During these negotiations, some in Congress will seek to enact more spending cuts to key investments in education, healthcare, food assistance, or even Social Security—cuts that will only hurt our economy and increase poverty and hardship for too many Americans.
They can’t be allowed to succeed—now is the time to protect key investments, and address our federal budget challenges through new revenues, not through more spending cuts that increase poverty.
One great source of new revenues involves closing the loopholes, deductions, and credits that allow so many large corporations to avoid paying their fair share of taxes. Too many multinational corporations take advantage of these tax breaks to escape significant portions of federal tax liability.
Unless large corporations are asked to contribute more in new tax revenues, the rest of us will have to pick up the tab through more spending cuts to the initiatives so important to working and middle class families.
Here is one example of a tax dodger here in North Carolina:
IBM, the technology giant with campuses in Charlotte and RTP, reported $45.3 billion in profits from 2008-2012, yet because the company was able to shelter $18.4 billion in profits in offshore bank accounts, more than one-third of its total profit escaped taxation. By excluding these profits from taxation, the company’s effective tax liability—the percentage of their profits that they paid after deductions, loopholes, and offshore bank accounts—dropped from the statutory rate of 35 percent to 5.8 percent.
Our Senators and Representatives need to know that large corporations should contribute to addressing our budget challenges instead of asking the rest of us to pick up the tab through more spending cuts.
Take Action! Contact your Senators and Representatives and urge them to support new revenues by closing corporate loopholes and ending corporate tax dodging.