Would Boost Funding For National Security, Medical Research, Education by Closing Tax Loopholes
WASHINGTON, DC—(ENEWSPF)—December 5, 2013. Today, Representatives Rosa DeLauro (D-CT) and Lloyd Doggett (D-TX) introduced the Sequester Delay and Stop Tax Haven Abuse Act. The bill would end the crippling, indiscriminate sequestration budget cuts to discretionary programs for fiscal years 2014-2015 and reduce them for 2016. The Sequester Delay and Stop Tax Haven Abuse Act is fully paid for by closing offshore corporate tax loopholes.
“The deeply harmful, indiscriminate sequestration cuts are hurting core programs and services,” said DeLauro. “If Congress does not act, it will only get worse. The second round of sequester is scheduled to occur on January 15, magnifying the damaging effects of the first round. National security, education, job training, biomedical research, food safety, college aid, law enforcement and health care will all suffer. The Sequester Delay and Stop Tax Haven Abuse Act is long-overdue, common sense legislation. It should be the law of the land.”
“We should not ask for greater sacrifice from working families and small businesses, when multinational corporations dodge paying their fair share,” said Doggett. “Many of the most profitable pay no federal taxes in a given year. We cannot afford a repeat of the so-called ‘fiscal cliff’ deal, when corporations weren’t asked to pay a dime in deficit reduction and instead secured millions more in tax breaks.”
The Sequester Delay and Stop Tax Haven Abuse Act would eliminate the sequestration cuts for discretionary funding in fiscal years 2014 and 2015. The legislation would reduce the sequestration cuts to discretionary funding for fiscal year 2016 by $38.6 billion. In order to fully offset those cuts the bill closes a number of corporate tax loopholes, such as eliminating the tax incentive for companies to move jobs overseas. The United States loses an estimated $150 billion annually to tax-avoidance schemes involving tax havens. More than two dozen of the largest profitable corporations paid no federal taxes at all in 2011. For additional information on the bill, please click here and here.
Source: delauro.house.gov
