FACT coalition on U.S. Super Committee failure
The super committee tasked with reaching $1.2 trillion in cuts to the federal deficit has failed.A statement from the Super Committee said:
After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline.The Financial Accountability and Transparency (FACT) coalition, of which TJN-USA is a founder member, said:
"In debating ways to come up with $1.2 trillion in savings and revenues, the Super Committee could have addressed the myriad perks, preferences and loopholes in the current tax code, according to Financial Accountability and Corporate Transparency (FACT) Coalition. The coalition believes that ending the off-shoring of revenues and jobs every year by large multi-national corporations could reduce the deficit while at the same time protect American jobs.The full FACT statement is here.
“We cannot keep subsidizing corporations through tax loopholes at the expense of everyone else. Creative tax planning should not allow corporations a free pass on contributing to roads, schools and public safety. These give-aways damage our economy and need to be a part of any tax reform conversation we anticipate going forward," said Nicole Tichon, Executive Director of Tax Justice Network USA and a FACT Coalition member."
Tax Analysts also reported from a November 18 annual conference of the U.S. National Tax Association:
It won't be easy to find offsets for a Republican corporate tax proposal to lower marginal rates to 25 percent from 35 percent and move the country from a worldwide system to a territorial system of international taxation, panelists said November 18 at the National Tax Association's annual conference in New Orleans.Also see
- FACT sheet on offshore tax abuse and the revenue that is lost.
- FACT sheet from CTJ on the territorial tax system.
- Full report on corporate tax dodging by CTJ.
- FACT sheet on repatriation here.
- Permanent Subcommittee on Investigations’ Report on Repatriation.
- Institute for Policy Studies’ report on Executive Compensation and tax dodging.
- Small businesses respond to Super Committee Gridlock