Bernie releases new accountability plan as Trump considers helping corporations move offshore
|Oct 14||Public post|| 53|
In the lead up to this week’s presidential debate, Bernie has released a detailed plan to reverse Donald Trump’s efforts to help corporations and billionaires use offshore tax havens to avoid paying their fair share in taxes.
Trump built a political apparatus comprised of moguls who have used tax havens to enrich themselves. According to various analyses, Trump’s 2017 tax bill allows corporations to continue avoiding tens of billions of dollars in taxes. The Congressional Budget Office noted that the bill “may increase corporations’ incentive to locate tangible assets abroad. The result: in the year after the tax cut passed, corporate tax receipts plummeted 31 percent, and 60 Fortune 500 companies paid zero in federal income taxes.
Now, Bloomberg News reports that Trump’s administration is “considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes.” The could open the door to more so-called corporate inversions, whereby giant corporations officially list their headquarters in offshore tax havens in order to avoid paying U.S. taxes.
Bernie’s plan is designed to reverse this by eliminating virtually all corporate tax breaks and loopholes, outlawing corporate inversions and requiring corporations with revenues over $25 million to publicly disclose significant portions of their tax returns.
Bern after reading,