The Stop Tax Haven Abuse Act (S. 1533) would raise about $220 billion over the next decade by closing tax loopholes that encourage U.S. corporations to move jobs, profits and operations offshore and allow them to not pay their fair share of taxes. As my colleague has noted, these costly tax breaks are undermining our ability to invest in the foundations of economic opportunity – an educated workforce, research and development, and healthy families. Across the board cuts, known as sequestration, are taking their toll in North Carolina and closing corporate tax loopholes is the best way to replace a second round of cuts.
Here is just one example of a company that would no longer be able to benefit from tax loopholes if the Stop Tax Haven Abuse Act is passed. Read more