Trustee Elections
These are the original issues in this subcategory
- REPATRIATED CORPORATE PROFITS
- OFFSHORE BANKS
- OVERSEAS HEADQUARTERS
At the end of 2020, our national debt was record-breaking $23.3 trillion, accompanied by a fast-growing federal budget deficit. Still, almost one-quarter of our largest corporations pay absolutely no federal income taxes at a time when corporate profits are at all-time highs. Many have shipped jobs overseas while hiding profits in offshore bank accounts to avoid paying the taxes they owe. Studies show that in 2016, 73% of our Fortune 500 companies used offshore tax havens to avoid paying their fair share of taxes. Nearly 9,000 corporations with billing addresses in the U.S. are registered at a single building in the Cayman Islands, some for decades.
A new tax avoidance scheme called corporate tax inversion has recently evolved from this “Bermuda Strategy.” This scheme involves our corporations merging with companies in countries with lower tax rates, mainly in Asia and Europe. While keeping their material operations here, these corporations then re-brand themselves as foreign companies in order to return foreign earnings to the U.S. without paying taxes. Critics say it is past time for Corporate America to stop dodging taxes and help pitch in during this time of fiscal crisis. They accuse these firms of enjoying the benefits of residing in the U.S. without equitably contributing to its welfare.
Pending Legislation: H.R.2976 - Stop Corporate Inversions Act of 2021
Sponsor: Rep. Lloyd Doggett (TX)
Status: House Committee on Ways and Means
Chair: Rep. Richard Neal (MA)
A new tax avoidance scheme called corporate tax inversion has recently evolved from this “Bermuda Strategy.” This scheme involves our corporations merging with companies in countries with lower tax rates, mainly in Asia and Europe. While keeping their material operations here, these corporations then re-brand themselves as foreign companies in order to return foreign earnings to the U.S. without paying taxes. Critics say it is past time for Corporate America to stop dodging taxes and help pitch in during this time of fiscal crisis. They accuse these firms of enjoying the benefits of residing in the U.S. without equitably contributing to its welfare.
Pending Legislation: H.R.2976 - Stop Corporate Inversions Act of 2021
Sponsor: Rep. Lloyd Doggett (TX)
Status: House Committee on Ways and Means
Chair: Rep. Richard Neal (MA)
- I oppose reforming current overseas headquarters policy and wish to donate resources to the campaign committee of Speaker Nancy Pelosi (CA).
- I support revising rules for the taxation of inverted corporations by providing that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014 shall be treated as an inverted corporation and thus subject to U.S. taxation after such an acquisition if:
1.) It holds more than 50% of the stock of the new entity.
2.) The management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
And wish to donate resources to the campaign committee of Rep. Richard Neal (MA) and/or to an advocate group currently working with this issue.
- I support revising rules for the taxation of inverted corporations by providing that a foreign corporation that acquires the properties of a U.S. corporation or partnership after May 8, 2014 shall be treated as an inverted corporation and thus subject to U.S. taxation after such an acquisition if:
1.) It holds more than 50% of the stock of the new entity.
2.) The management or control of the new entity occurs primarily within the United States and the new entity has significant domestic business activities.
And wish to donate resources to the campaign committee of Rep. Richard Neal (MA) and/or to an advocate group currently working with this issue.
There has been $0.00 pledged in support of this issue
Trustee Election - Opening Date
October 11, 2021
Trustee Election - Closing Date
October 18, 2021