Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) introduced versions of the Stop Tax Haven Abuse Act in the House and Senate. The legislation makes it more difficult for multinational corporations to avoid taxes by "offshoring." Doggett also introduced the Corporate Expatriates and Inverters Tax Fairness Act (Corporate EXIT Fairness Act). If passed, it would be more difficult for a corporation to shift its headquarters to a country that has a lower tax rate.
Eric LeCompte, Executive Director of Jubilee USA Network, a religious development organization, releases the following statement:
“Governments around the world need greater revenues to meet their budgets. Congress needs to pass legislation that closes loopholes.
"This legislation helps shine a spotlight on the problem of tax havens. It helps track where companies are paying or not paying taxes.
“Tax avoidance, evasion and corruption are too often thefts from the poor and we have a moral imperative to act.”
Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than 0 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org