Fair Share Applauds Obama Action on Inversions; Calls on Congress to Finish the Job
Washington, D.C. – Fair Share today applauded the Obama Administration’s plans to discourage corporations abroad to avoid U.S. taxes, but noted that only comprehensive reform in Congress will stop the damaging of America’s corporate tax base and the loss of billions of dollars that could help rebuild the middle class and put the nation’s economy back on track.
In recent weeks, Fair Share has collected more than 8,000 petition signatures calling on Congress to act and taking corporations such as Burger King to task for not meeting their very American obligation to pay their fair share of taxes. Fair Share will continue to press Congress to act to close inversions and other corporate tax loopholes when it reconvenes in November.
“Both President Obama and Treasury Secretary Jack Lew has noted that these transactions may be legal but they are wrong,” said Sean Garren, Fair Share legislative director. “These tax dodges are costing women, children and the American middle class billions of dollars in revenue we need to make our economy and our country strong again. Although the Administration’s action announced this week is a great first step, only Congress can pass the comprehensive, lasting reform we need to put a stop to this madness.”
Since January 2013, 19 corporations have announced plans to reincorporate overseas for tax purposes – 14 of them having done so this year alone. Overall, 76 companies have inverted since 1983, according to the Congressional Research Service. A flood of corporate inversions are expected to take place in the next two months alone.
“We have to act quickly and decisively to stem this tide,” Garren said. “The Obama Administration has taken a good first step. Now it’s time for Congress to finish the job.”
Fair Share stands for an America where everyone gets their fair share, does their fair share, and pays their fair share; and where everyone plays by the same rules. Find out more at www.fairshareonline.org