Corporate CEOs Pushing Tax Reforms That Would Reduce Firms' Taxes by $134 Billion
Wednesday, 28 November 2012 11:36
By Craig Jennings, OMB Watch | Report
A new report by the Institute for Policy Studies (IPS) says that the CEOs backing the "Fix the Debt" campaign could see their companies' bottom lines boosted by $134 billion if they get their way on corporate tax reform.
The report, The CEO Campaign to 'Fix' the Debt, examines one particular element of the Fix the Debt campaign that is a favorite of corporate tax cutters – a move toward a "territorial" tax system. Under such a system, companies incorporated in the U.S. would not have to pay taxes on profits generated outside the U.S. According to Citizens for Tax Justice, under this system, U.S. companies would be encouraged to move jobs overseas and use accounting methods to artificially shift profits offshore, reducing their tax liabilities even further.
The IPS report finds that:
The Fix the Debt campaign has raised $60 million and recruited more than 80 CEOs of America's most powerful corporations to lobby for a debt deal that would reduce corporate taxes and shift costs onto the poor and elderly.