Mobile Menu - OpenMobile Menu - Closed

Connect

Made in America Tax Plan Will Remedy Injustices in Corporate Taxation, Fuel Growth

April 7, 2021

***Press Release***

Press release header

FOR IMMEDIATE RELEASE

April 7, 2021

Contact: Kate Stotesbery

202-494-4620

 

Made in America Tax Plan Will Remedy Injustices in Corporate Taxation, Fuel Growth

Washington, D.C. – This morning, U.S. Representative Lloyd Doggett (D-TX), a senior member of the Ways and Means Committee, released the following statement regarding the Treasury Department’s new report on the Made in America Tax Plan:

“A compelling case to advance both sweeping infrastructure investment and American competitiveness. Removing perverse tax incentive that promote outsourcing American jobs and shifting to offshore tax havens profits from American sales, corporations would finally be required to pay a fair share. Much of this approach relies upon key provisions of the Doggett-Whitehouse ‘No Tax Breaks for Outsourcing’ legislation, which is now cosponsored by a majority of the House Democratic Caucus.

“American leadership for a global minimum tax can end the destructive, global  corporate tax race-to-the bottom around the world and the loss of so much stateless, untaxed corporate income. Most important to apply the Global Intangible Low Tax-Taxed Income (GILTI) tax on a country-by-country basis and repeal the Foreign Derived Intangible Income (FDII) tax break, which has served as an incentive for tax haven abuse rather than greater domestic production. Rather than costly domestic or insourcing business tax credits, the best tax policy to encourage jobs in America is to eliminate tax incentives for their export. Hardly surprising that multinationals, which have enjoyed paying little or no tax on much of their income, are already vigorously lobbying to preserve their unfair advantage.”

You can read Rep. Doggett’s “No Tax Breaks for Outsourcing” legislation here.

###

Follow Congressman Doggett

Facebookhttps://www.Facebook.com/RepLloydDoggett | Twitter: @RepLloydDoggett