New Bill Aims To Close Offshore Tax Haven Incentives
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FEATURING RICHARD PHILLIPS – Democratic lawmakers Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) introduced a new bill in Congress this week to address what officials from both major parties always claim they want to do something about: the offshoring of corporate profits in overseas tax havens.
The recently passed GOP-sponsored tax reform law actually increased incentives for corporations to continue the practice of hiding profits offshore. Now the newly introduced No Tax Breaks for Outsourcing Act aims to fix that part of the tax reform law by equalizing the domestic and offshore tax rates.
Richard Phillips, Senior Policy Analyst at the Institute on Taxation and Economic Policy.