March 18, 2019

The American Prospect: New Legislation Would Rein in Corporate Offshoring

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One clue, at least on the international side, might be found in a report issued last year by the Institute on Taxation and Economic Policy (ITEP). In “Understanding and Fixing the New International Corporate Tax System,” ITEP laid out priorities for a new international tax system that include eliminating the ability for companies to reincorporate as foreign entities to avoid taxes, equalizing tax rates so that offshore profits are taxed the same as domestic profits, and increasing the transparency of companies’ financial information, specifically on a country-by-country basis. The report also praised the 2018 version of Doggett and Whitehouse’s No Tax Breaks for Outsourcing Act, calling it “the most comprehensive legislation released to end offshore tax avoidance,” adding that it “would go a long way to shutting down offshore tax avoidance and restoring fairness to the tax system.” Read more



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