New York Residents:
CALL SENATOR SCHUMER AT (202) 224-6542
Script:
(Introduce yourself)
I am calling because I would like to urge Senator Schumer to oppose renewing the offshore tax loopholes called the CFC Look Through Rule and the Active Financing Exception, which are part of the tax extenders bill being considered by the Senate.
Tax loopholes like these allow some corporations to shift their profits to off-shore tax havens and avoid paying their fair share of taxes. Not only does this cost our country money, it shifts the tax burden onto American taxpayers who can least afford it. In the developing world, this problem is so big that poor countries lose more in tax avoidance than they receive in aid, which also makes US foreign aid less efficient and costs us more money in the long run.
Talking Points:
-The Senate is considering renewing two tax loopholes that will cost taxpayers billions of dollars.
-The two loopholes are called the CFC Look-Through Rule and the Active Financing Exception.
-The CFC Look-Through Rule has cost taxpayers billions of dollars by allowing some corporations to shift profits to offshore tax havens. It will cost the country about $20 billion over the next decade.
-The Active Financing Exception is an accounting gimmick that will cost nearly $60 billion if allowed to continue over ten years.
-These types of loopholes are a major reason why developing countries lose more in tax avoidance than they receive in aid. This not only exacerbates global poverty, it undermines US aid efforts.
-Tax havens are a systemic cause of global poverty, siphoning away hundreds of billions of dollars in tax revenue each year from both developed and developing economies.
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