U.S. corporations have $2.1 TRILLION in profits stashed offshore – most of it in tax havens. As long as this money is kept offshore, corporations dodge paying U.S. income taxes on it. That leaves you and me to make up the difference.
These giant corporations need to pay what they owe on these offshore profits. That’s about $600 billion in taxes, according to one estimate. [source:http://bit.ly/1R0zLC0].
But corporate lobbyists are working behind the scenes in Washington to make sure their tax bill is a small fraction of what they owe. Unless we stop them!
If we close tax loopholes for corporations that ship jobs and hide profits offshore, we can raise hundreds of billions of dollars to invest in America.
Imagine what we could do with the $600 billion giant corporations owe right now. Make college affordable and pay down crushing student debt. Rebuild crumbling roads and bridges. Research new medical cures. Revitalize public education.
Just one company – Apple – has $181 billion in profits offshore, nearly all of it in tax havens. It owes $59 billion in taxes on those profits. [source:http://bit.ly/1ZeIUwO] But Apple’s lobbyists are working overtime to get Congress to pass legislation to slash its tax bill.
It’s time big corporations paid their fair share. You and I do.