Multinational 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.