On July 19, CTJ’s Steve Wamhoff made a presentation to members of the Alliance for a Just Society on the details of corporate tax reform. Because several of the audience members were small business owners, the presentation partly focused on the offshore tax loopholes that give large multinational corporations an unfair advantage over domestic businesses, which are often smaller businesses.
The presentation makes the following points:
1. The U.S. needs more revenue.
2. New revenue must come from progressive sources.
3. The corporate tax is a progressive revenue source.
4. American corporations are undertaxed.
5. One way to get more corporate tax revenue is to close tax loopholes related to offshore tax havens.
6. We must stop current proposals to expand these loopholes (territorial tax system, repatriation holiday).
Needless to say, corporate lobbyists and many of their friends in Congress and even in the Obama administration disagree with many of these points, so the presentation provides a detailed argument for each.