Bill would fulfill Biden pledge to end tax incentives for big multinational corporations to ship jobs overseas
Washington (February 9, 2023) – After three weeks of the Treasury Department undertaking “extraordinary measures” to uphold the full faith and credit of the United States, Senator Markey joined Senator Sheldon Whitehouse (D-R.I.), chair of the Senate Budget Committee, and Congressman Lloyd Doggett (D-TX) in introducing the No Tax Breaks for Outsourcing Act. Were it not for the Trump tax law, the U.S. would not have hit the debt limit so soon. By ending the Trump law’s incentives for jobs and profits overseas, this bill would join the European Union, United Kingdom, and South Korea in moving to implement the Organization for Economic Cooperation and Development (OECD) global minimum tax agreement and stop the race to the bottom on corporate taxation. The bill would level the playing field for American workers and small businesses by making sure multinational corporations pay the same tax rate on profits earned abroad as they do in the United States.
“If Republicans hadn’t passed the Trump tax giveaway to benefit their wealthy campaign donors, we wouldn’t even be hitting the debt ceiling right now,” said Senator Whitehouse, Chairman of the Senate Budget Committee. “We have got to end the deficit-ballooning incentives the former president created for sending American jobs and profits overseas. Working people pay their fair share in taxes – multinational...
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