Write your Senators to Cosponsor the Stop Tax Haven Abuse Act.
Thanks to Senators Levin, Whitehouse, Begich and Shaheen, we've introduced the Stop Tax Haven Abuse Act - S.1533. This is a companion piece to the House of Representatives bill introduced in April.
This legislation addresses a systemic cause of poverty - the fact that many multinational corporations don't pay taxes to the developing governments that need the revenue most. Between 2000 and 2008, $6.5 trillion left the developing world completely untaxed. If this money would have been taxed modestly, we wouldn't be facing a global debt crisis and there would be better access to food in the poorest countries. Poor countries become trapped in cycles of borrowing because corporations keep more profits for themselves by avoiding paying taxes in these countries. A key way this legislation curbs tax avoidance is by requiring country-by-country reporting of corporate payments to governments.
The Senate bill includes specific provisions to combat offshore tax abuses. This is good legislation that also has positive impacts for us in the United States, curbs corruption globally and gives us the information we need to start addressing global corporate tax avoidance.
When you write your Senators to cosponsor the Stop Tax Haven Abuse Act - S. 1533, you join a global voice that believes the chains of poverty should be broken.