Jubilee USA Network SUPPORT US
HOME ABOUT US CONTACT BLOG
Building an economy that serves, protects and promotes participation of the most vulnerable Sign-up for our e-Newsletters
Join us
TRUTH ABOUT DEBT GET ACTIVE RESOURCES PRESS
< Senator Brown Introduces 3rd Amendment in Budget Debate that Would End Offshore Tax Abuse by Corporations
25.03.2013 16:50 Age: 2 yrs
Category: Press Releases

Passage of Levin-Hatch Amendment 708 Shows Broad Bipartisan Support in Senate for Curbing Corporate Offshore Tax Abuse


 

FOR IMMEDIATE RELEASE

March 25, 2013

 

 

Passage of Levin-Hatch Amendment 708 Shows Broad Bipartisan Support in Senate for Curbing Corporate Offshore Tax Abuse

  

 Religious Community Called on Senators to Curb Corporate Offshore Tax Abuse that Hurts Global Poor

 

WASHINGTON, DC - Early Saturday morning, an act of bipartisanship in the Senate passed the Levin-Hatch Amendment 708 to the Budget Resolution.  This Amendment shows the broad support on both sides of the aisle for curbing offshore tax abuse by large corporations.  New estimates put the amount of lost revenue as high as $90 billion from corporate tax avoidance. The faith community mobilized and called on Senators to curb corporate offshore tax abuse that impacts poor people.

"When corporations abuse offshore tax loopholes, it has negative impacts on the most vulnerable wherever they live, whether that's in North America or Africa. The important progress on 708 was that we have now achieved broad bipartisan recognition that offshore corporate tax loopholes are a problem," said Eric LeCompte, Jubilee USA Network Executive Director.

Earlier, Jubilee USA supported Amendments to the Budget Resolution to curb corporate offshore tax abuse by Senators Levin, McCain, Whitehouse, Sanders and Brown. As negotiations lasted until 3:00 AM on Saturday morning, the strong Senate support on Amendments laid the path for Levin-Hatch to move forward. The Levin-Hatch Amendment illustrates openness for corporate reform that is revenue positive or minimally revenue neutral.  The bipartisanship of these Amendments and the passage of Amendment 708 indicates that Senators from both parties recognize the significant problem of corporate offshore tax abuses.

Due to the substantial loss of revenue, governments at all levels, here and around the world, cut programs and jobs that are critical to economic recovery and growth. "By closing these corporate offshore tax loopholes we send a message around the globe that corporate tax avoidance is unacceptable whether in the developing or developed world," said LeCompte.  More than half of all banking assets and a third of multinational company investments are routed through tax havens. It is estimated that for every $10 a country receives in development aid, $15 exits the country as a result of tax dodging. Corporations are operating in developing countries and robbing resources by using offshore tax havens to hide their money instead of paying their taxes.

###

Jubilee USA Network is an alliance of more than 75 US organizations, 250 faith communities and 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

Available for interview: Eric LeCompte, Executive Director

Contact: Jennifer Tong, Communications Director


To top

Recursos en Español Site map Site policy
Copyright © 2007 Jubilee USA Network        coord@jubileeusa.org        202-783-3566 tel         Nonprofit Web Design