To: Commissioner Mary Joe White, Chairlady, of the Securities and Exchange Commission, Secretary Jack Lew, Secretary of the United States Department of the Treasury, President Donald Trump, The United States House of Representatives, and The...
Create American Jobs by Eliminating Corporate Offshore Tax Cheating
1. Demand Corporate Tax Dodgers Pay Their Fair Share of Federal Taxes
We demand that all companies with offshore funds, approximately $2 trillion, will be required to report to the IRS all funds currently held offshore and pay a fair tax rate to return those funds to United States. In addition, we demand Congress to also eliminate company tax credits for moving or outsourcing American jobs offshore.
This revenue will serve as the basis for an expanded funding initiative for Americans to gain access to more opportunities to achieve the "American Dream" of upward mobility, either through stable gainful employment or entrepreneurial advancement.
2. Demand Companies Return the $2 Trillion in Offshore Funds to the USA
We demand the tax credits be given to companies only from one specified tax haven/tax zone established within the United States, denying tax credits to companies investing elsewhere. This tax haven/tax zone will serve as the single approved location, designated by Congress, allowing companies to gain from a newly restructured IRS tax code.
Congress must put forth the strongest possible effort to conduct investigations, make business analyses, formalize business plans and hold hearings exercising all options to expeditiously complete authorization of a U. S. tax haven/tax zone. Then U. S. companies with offshore funds, estimated to have reached $2 trillion, will be required to return those funds to the United States.
3. Demand Congress Acts to Alleviate the Huge Wealth Gap Among Americans
We demand that Congress make productive efforts through restructuring the tax code and other measures to alleviate the tremendous existing wealth gap, resulting in a growing U. S. economy. Congress must ensure that the mandated guidelines for CEO and Senior Executive pay are detailed, formalized and implemented, compelling corporations to clearly and consistently report worker pay ratios as stipulated in the Dodd-Frank legislation.
Congress must act to alleviate the huge wealth gap affecting most Whites, African-Americans and others. A major goal will be to achieve equally low unemployment rates among African-Americans and Whites, ending 50 years of a Black unemployment rate double that of White job seekers.
Congress must provide incentives for educational institutions to actively participate in a strong coalition with corporations and other organizations to train Americans with the specific skills needed to achieve full employment and to make United States companies more competitive globally.
We demand that all companies with offshore funds, approximately $2 trillion, will be required to report to the IRS all funds currently held offshore and pay a fair tax rate to return those funds to United States. In addition, we demand Congress to also eliminate company tax credits for moving or outsourcing American jobs offshore.
This revenue will serve as the basis for an expanded funding initiative for Americans to gain access to more opportunities to achieve the "American Dream" of upward mobility, either through stable gainful employment or entrepreneurial advancement.
2. Demand Companies Return the $2 Trillion in Offshore Funds to the USA
We demand the tax credits be given to companies only from one specified tax haven/tax zone established within the United States, denying tax credits to companies investing elsewhere. This tax haven/tax zone will serve as the single approved location, designated by Congress, allowing companies to gain from a newly restructured IRS tax code.
Congress must put forth the strongest possible effort to conduct investigations, make business analyses, formalize business plans and hold hearings exercising all options to expeditiously complete authorization of a U. S. tax haven/tax zone. Then U. S. companies with offshore funds, estimated to have reached $2 trillion, will be required to return those funds to the United States.
3. Demand Congress Acts to Alleviate the Huge Wealth Gap Among Americans
We demand that Congress make productive efforts through restructuring the tax code and other measures to alleviate the tremendous existing wealth gap, resulting in a growing U. S. economy. Congress must ensure that the mandated guidelines for CEO and Senior Executive pay are detailed, formalized and implemented, compelling corporations to clearly and consistently report worker pay ratios as stipulated in the Dodd-Frank legislation.
Congress must act to alleviate the huge wealth gap affecting most Whites, African-Americans and others. A major goal will be to achieve equally low unemployment rates among African-Americans and Whites, ending 50 years of a Black unemployment rate double that of White job seekers.
Congress must provide incentives for educational institutions to actively participate in a strong coalition with corporations and other organizations to train Americans with the specific skills needed to achieve full employment and to make United States companies more competitive globally.
Why is this important?
Lift Every Voice - It's Time To Un-Stack The Deck Favoring Corporations:
1. Demand corporate tax dodgers pay their fair share of federal taxes
2. Demand companies return the $2 trillion in offshore funds to the USA
3. Demand congress acts to alleviate the huge wealth gap among Americans
The Problem
According to the Wall Street Journal, U. S. companies are making record profits; but too much of the money is staying offshore where it is lightly taxed. JPMorgan Chase and Bloomberg News report that offshore investing is increasing because of special incentives in the U. S. tax code for taking profits out of the USA. It is now estimated that these company offshore funds total almost $2 trillion.
Worse yet is that companies gain tax savings and subsidies by moving and outsourcing jobs offshore, denying American workers employment and entrepreneurial opportunities. They place money in offshore accounts in the Cayman Islands, Bermuda, Ireland, Luxembourg, Switzerland, Singapore and Belgium. Clearly, such companies are the "takers" from the American taxpayers and are not true "makers" in building our economy.
Over 280 of America's largest and most profitable corporations don't pay federal corporate income tax. Although the federal government is struggling for cash, many corporations are still manipulating within the tax-code to sidestep paying their fair share. As many Americans are experiencing layoffs and difficulty in finding jobs that pay livable wages, coupled with painful termination of police, fire, sanitation and educational services, large corporations on average are paying their CEOs 354 times the average worker's salaries.
According to the Office of Management and Budget, since 1952 the decline in the rate corporations pay in taxes has gone from 35% to 9%. Many corporations do not pay even 9% as they receive such enormous government subsidies that they end up with billions in credits from taxpayers, thereby totally without any tax obligations.
Advocates for the business community state that the corporate gross tax rate of 35% is unusually high, but they neglect to tell you that in practice, they pay much less or nothing due to many exemptions and subsidies won from Congress at the behest of corporate lobbyists. Many companies have purchased lobbying services, spending more than $1 billion to influence Washington lawmakers over the last decade to have their taxes slashed.
The Solution
This petition demands that a specified tax haven/tax zone is established her in the United States, denying tax credits to all companies investing elsewhere. This tax haven will serve as the approved tax zone/haven allowing companies to gain from a structure within the established tax code that is transparent and basically equal to all. Companies will be required to report to the IRS all funds now offshore ($2 trillion) and pay a fair offshore repatriation tax rate.
This authorized tax haven should help return to the USA more than 582,000 jobs now offshore as a result of offshore investing. This specified U.S. tax haven will generate new revenue that is channeled into expanded initiatives to create more opportunities to achieve the "American Dream" of upward mobility through gainful employment or entrepreneurial advancement.
1. Demand corporate tax dodgers pay their fair share of federal taxes
2. Demand companies return the $2 trillion in offshore funds to the USA
3. Demand congress acts to alleviate the huge wealth gap among Americans
The Problem
According to the Wall Street Journal, U. S. companies are making record profits; but too much of the money is staying offshore where it is lightly taxed. JPMorgan Chase and Bloomberg News report that offshore investing is increasing because of special incentives in the U. S. tax code for taking profits out of the USA. It is now estimated that these company offshore funds total almost $2 trillion.
Worse yet is that companies gain tax savings and subsidies by moving and outsourcing jobs offshore, denying American workers employment and entrepreneurial opportunities. They place money in offshore accounts in the Cayman Islands, Bermuda, Ireland, Luxembourg, Switzerland, Singapore and Belgium. Clearly, such companies are the "takers" from the American taxpayers and are not true "makers" in building our economy.
Over 280 of America's largest and most profitable corporations don't pay federal corporate income tax. Although the federal government is struggling for cash, many corporations are still manipulating within the tax-code to sidestep paying their fair share. As many Americans are experiencing layoffs and difficulty in finding jobs that pay livable wages, coupled with painful termination of police, fire, sanitation and educational services, large corporations on average are paying their CEOs 354 times the average worker's salaries.
According to the Office of Management and Budget, since 1952 the decline in the rate corporations pay in taxes has gone from 35% to 9%. Many corporations do not pay even 9% as they receive such enormous government subsidies that they end up with billions in credits from taxpayers, thereby totally without any tax obligations.
Advocates for the business community state that the corporate gross tax rate of 35% is unusually high, but they neglect to tell you that in practice, they pay much less or nothing due to many exemptions and subsidies won from Congress at the behest of corporate lobbyists. Many companies have purchased lobbying services, spending more than $1 billion to influence Washington lawmakers over the last decade to have their taxes slashed.
The Solution
This petition demands that a specified tax haven/tax zone is established her in the United States, denying tax credits to all companies investing elsewhere. This tax haven will serve as the approved tax zone/haven allowing companies to gain from a structure within the established tax code that is transparent and basically equal to all. Companies will be required to report to the IRS all funds now offshore ($2 trillion) and pay a fair offshore repatriation tax rate.
This authorized tax haven should help return to the USA more than 582,000 jobs now offshore as a result of offshore investing. This specified U.S. tax haven will generate new revenue that is channeled into expanded initiatives to create more opportunities to achieve the "American Dream" of upward mobility through gainful employment or entrepreneurial advancement.