Statement: NPA Welcomes Administrative Action on Tax Inversions, Calls for Revenue Generating Corporate Tax Reform
Statement: NPA Welcomes Administrative Action on Tax Inversions,
Calls for Revenue Generating Corporate Tax Reform
In light of new rules announced by the Obama Administration to slow the growing wave of corporate tax inversions, National People’s Action Policy Director Liz Ryan Murray issued the following statement:
“We welcome the new rules introduced today by Treasury Secretary Jacob Lew. It is good to see the Obama Administration take seriously the threat that corporate tax dodging poses to our country’s wellbeing. Corporations, like Burger King, that have done well in America shouldn’t be able to shirk their responsibilities and dodge taxes just by changing their corporate address.
“Administrative action alone, however, will be insufficient to stop the massive erosion of corporate revenue. Under President Eisenhower, corporate taxes accounted for 32 percent of all federal government revenue. Today, it’s less than 10 percent. Americans overwhelmingly support the idea that corporations should be paying more in taxes. With elections around the corner, it’s time for Congress to get a clue. We need corporate tax reform that generates significant new revenue now.”
For more information or to interview Liz Ryan Murray, please contact Jacob Swenson at 312.316.3973 or Jacob@npa-us.org. For more information on the decline of corporate taxation, see “The Disappearing Corporate Tax Base,” a report by National People’s Action and the Center for Effective Government.
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National People’s Action (www.npa-us.org) is a network of 30 grassroots organizations in 17 states, with 85,000 individual members working together to advance a racial and economic justice agenda for a new economy and true democracy.