| |
Trustee Archive
Repatriation of capital is the return of capital from abroad to the country of its origin. To avoid paying taxes, and due to loopholes in our tax code, many American corporations do not deposit profits from overseas operations in U.S. banks. These loopholes include the no-tax rule on foreign profits if those profits remain overseas. Today, our largest corporations have about $3 trillion of foreign profits sitting offshore. These companies include Microsoft, Apple, Google, General Electric, Johnson & Johnson, Abbott Labs and many more. Many of these companies claim they would repatriate these earnings if this could be done without paying taxes, which would be subject a current tax rate of up to 35%.
Proposed Legislation: Introduction of legislation to repatriate corporate overseas profits which would be subject to a mandatory one-time 8.75% tax.
Prospective Sponsor: Rep. John Garamendi (CA) |
- I oppose reforming current repatriated corporate profits policy and wish to donate resources to the campaign committee of Speaker Kevin McCarthy (CA).
- I support a plan for corporations to repatriate overseas profits which would be subject to a mandatory one-time 8.75% tax, and wish to donate resources to the campaign committee of Rep. John Garamendi (CA) and/or an advocate group currently working on this issue.
|
|
| Winning Option
»» No issues were voted |
-
I support a plan for corporations to repatriate overseas profits which would be subject to a mandatory one-time 8.75% tax, and wish to donate resources to the campaign committee of Rep. John Garamendi (CA) and/or an advocate group currently working on this issue.
|
- Representative
If elected as a trustee, the campaign committee of Rep. John Garamendi (CA) will be unconditionally awarded the funds pledged to this issue along with a letter requesting him to either favorably consider introducing legislation to repatriate corporate overseas profits which would be subject to a mandatory one-time 8.75% tax, or a similar version thereof.
- Financial Transparency Coalition
If elected as a trustee, Financial Transparency Coalition will be awarded the funds pledged to this issue along with a letter requesting these funds be used to advocate for closing tax loopholes which allow untaxed income to be kept in offshore tax havens.
About: The Financial Transparency Coalition works to curtail illicit financial flows through the promotion of a transparent, accountable, and sustainable financial system that works for everyone. We use our wide reach and deep expertise to influence global norms and standards for financial transparency, and close loopholes in the global financial system.
|
- No trustee votes received.
|
| Poll Opening Date |
May 15, 2023 |
| Poll Closing Date |
May 21, 2023 |
|
|
