Offshore Tax Loopholes

worldmoneyMultinational corporations are holding roughly $2 trillion in profits offshore – much of it in tax havens to avoid paying U.S. taxes. These corporations are costing U.S. taxpayers about $100 billion every year in lost revenue.

When corporations don’t pay their fair share of taxes, the rest of us must make up the difference. Here’s how much a handful of these corporations would likely owe in taxes if they brought those profits home:

  • Apple: $26 billion
  • Microsoft: $19.4 billion
  • Amgen: $7.9 billion
  • Eli Lilly: $7.3 billion
  • Oracle: $6.3 billion
  • Dell: $6.2 billion

When corporations shift profits and operations overseas, American jobs go with them.

We can bring a lot of those profits and jobs back home if Congress passes the Stop Tax Haven Abuse Act (S. 1533), introduced by Sen. Carl Levin (D-MI). The bill would close many of the loopholes that make it attractive for companies to hide profits overseas. If the legislation becomes law it would raise $220 billion over 10 years that can be invested in the services that working Americans depend on — like schools, rebuilding infrastructure and researching new medical cures.

Find Out More:

37 National Organizations to Congress: Reject the Partnership to Build America Act

538 Organizations to Congress: Close Offshore Corporate Tax Loopholes – Invest in the U.S.

Four Reasons to Support the Stop Tax Haven Abuse Act

Examples of Offshore Corporate Tax Dodging Fixed by the Stop Tax Haven Abuse Act

Biggest Revenue Raisers in the Stop Tax Haven Abuse Act