To: Rep. Anthony Gonzalez (OH-16)
Rep. Renacci: Don’t shut down the government; shut down tax loopholes
In addition to losing the 24 billion dollars for the government shutdown we’re losing billions of tax dollars to Corporations. They are the ultimate “Takers.” As long as their last name is Inc., lawmakers are OK with supporting tax dodges.
Why is this important?
Our “Do Nothing Congress”, particularly the obstructionist Republican party, implemented a Government shutdown policy last year. Amazingly it actually made it to the house floor, costing American taxpayers 24 billion dollars. This was according to a Standard and Poor’s estimate as reported by Time Magazine, Oct. 17, 2013. This cost can not be recovered!
Our nation was founded on the principle of low taxes. No one likes higher taxes. We’re urging Congress to close the gap that tax loopholes create. For example, The Tax Haven Abuse Act is currently in Congress, Senate bill S1533 and House bill HR 1554. The bill would restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.
A report issued by U.S. PIRG, released April 15, 2014, tells us “every year, corporations and wealthy individuals avoid paying an estimated $184 billion in state and federal income taxes by using complicated accounting tricks to shift their profits to offshore tax havens. Of that $184 billion, $110 billion is avoided specifically by corporations.”
The report further notes, “The Senate Finance Committee squandered an opportunity to stand with regular taxpayers who can’t marshal armies of lawyers and lobbyists to bend the tax code to their whim. Unfortunately, they caved to special interest pressure.”
“Many of America’s largest and best-known corporations use these complex tax avoidance schemes to shift their profits offshore and drastically shrink their tax bill. GE, Microsoft, and Pfizer boast the largest offshore cash hoards.”
By closing these loopholes Congress can save billions of dollars for our country. Join us by signing this petition and hold Congress responsible to close tax loopholes rather than let average Americans struggle every year.
Our nation was founded on the principle of low taxes. No one likes higher taxes. We’re urging Congress to close the gap that tax loopholes create. For example, The Tax Haven Abuse Act is currently in Congress, Senate bill S1533 and House bill HR 1554. The bill would restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation, and for other purposes.
A report issued by U.S. PIRG, released April 15, 2014, tells us “every year, corporations and wealthy individuals avoid paying an estimated $184 billion in state and federal income taxes by using complicated accounting tricks to shift their profits to offshore tax havens. Of that $184 billion, $110 billion is avoided specifically by corporations.”
The report further notes, “The Senate Finance Committee squandered an opportunity to stand with regular taxpayers who can’t marshal armies of lawyers and lobbyists to bend the tax code to their whim. Unfortunately, they caved to special interest pressure.”
“Many of America’s largest and best-known corporations use these complex tax avoidance schemes to shift their profits offshore and drastically shrink their tax bill. GE, Microsoft, and Pfizer boast the largest offshore cash hoards.”
By closing these loopholes Congress can save billions of dollars for our country. Join us by signing this petition and hold Congress responsible to close tax loopholes rather than let average Americans struggle every year.