For Immediate Release

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Patriotic Millionaires Endorse No Tax Breaks for Outsourcing Act

WASHINGTON - Today, Congressman Lloyd Doggett (D-TX), Ranking Member of the Ways and Means Tax Policy Subcommittee, introduced the No Tax Breaks for Outsourcing Act with Senator Sheldon Whitehouse (D-RI). The bill would ensure that multinationals pay the same tax rate on profits earned overseas as they do on profits made domestically. Chair of the Patriotic Millionaires Morris Pearl said the following:

“It is wrong for the United States Congress to pass a bill that encourages companies to move jobs overseas. However, the tax bill passed in the fall did just that. We can not increase our prosperity by being in a economic race-to-the-bottom with every country in the world.

This bill equalizes the playing field between the multinational corporations who can move profits overseas and the mom-and-pop businesses that provide jobs across America.”

The legislation has been endorsed by a number of groups including: The Financial Accountability and Corporate Transparency (FACT) Coalition; Americans for Tax Fairness; AFL-CIO; Campaign for America’s Future; MomsRising; Public Citizen; Coalition on Human Needs; Communication Workers of America (CWA); Economic Policy Institute Policy Center; American Federation of State, County and Municipal Employees (AFSCME); Institute on Taxation and Economic Policy (ITEP); International Federation of Professional and Technical Engineers; Main Street Alliance; NETWORK Lobby for Catholic Social Justice; Oxfam America; Small Business Majority, American Federation of Government Employees (AFGE), Patriotic Millionaires; International Union, United Automobile, Aerospace, and Agricultural Implement Workers of America (UAW); CREDO; American Family Voices; People Demanding Action; Other98; Progressive Congress Action Fund; Alliance for Retired Americans; Americans for Democratic Action (ADA); Working America.

For further comment or question, please reach out to Kelsea-Marie Pym, kpym@patrioticmillionaires.org.

 

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