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Tax-Dodging Deal Fails Thanks To Obama's Inversion Rules -- And Us

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  • We have also been sending out petitions and joining with other organizations to send out petitions. We think all of this has made a difference. In this case it has made a difference measured by billions of additional dollars that can be used to fund our schools, roads, and other public needs.

    A central organization in this effort is Americans for Tax Fairness, a coalition of many progressive-aligned groups including Campaign for America's Future. ATF's statement on AbbVie's cancellation of their tax-dodging deal, Tax Fairness Coalition Praises Abbvie's Decision Not To Pursue A Corporate Inversion thanks President Obama for the new inversion rules:

    "At the end of 2013, AbbVie had $21 billion in profits offshore on which it had not yet paid U.S. income taxes. It is likely that AbbVie would have avoided paying billions of dollars of U.S. taxes on this offshore income if it had gone through with a corporate inversion. That's real money that can be used to do real things here in America to make our country stronger.

    "Taxpayers have President Obama to thank because his Administration closed several tax loopholes that made inversions very attractive. The Treasury Department and IRS recently issued a notice that effectively prevents companies from using an inversion to avoid paying taxes on the profits they have booked offshore -- and not paid U.S. taxes on."

    Take a look at their Tax Fairness Briefing Booklet. "It contains guidance on the most effective ways to talk about the economy and taxes; key findings from polls conducted for Americans for Tax Fairness, other organizations and media outlets; and fact sheets on key topics like offshore corporate tax loopholes and the estate tax."

    Next

    Now we need to elect a Congress that will stop these corporate traitors by passing tough legislation that not only stops them from renouncing their U.S. citizenship to dodge their taxes, but makes them pay the taxes they owe on non-U.S. profits.

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    Dave has more than 20 years of technology industry experience. His earlier career included technical positions, including video game design at Atari and Imagic. He was a pioneer in design and development of productivity and educational (more...)
     

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