Sanders Bill Will Close Notorious Tax Shelter Loophole
Sen.Bernie Sanders (I-Vt.) yesterday introduced a bill to stop profitable corporations from sheltering income overseas in the Cayman Islands and other tax havens to avoid paying U.S. taxes. The legislation also would end tax breaks for companies that ship jobs and factories overseas.
“At a time when we have a $18.2 trillion national debt and an unsustainable federal deficit; at a time when many of the largest corporations in America are paying no federal income taxes; and at a time when corporate profits are at an all-time high, it is past time for corporate America to pay their fair share in taxes so that we can create the millions of jobs this country needs,” Sanders said at a Capitol news conference.
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