Can Corporate Sustainability & Economic Growth Coexist?
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Submitted by: American Sustainable Business Council
Posted: Jan 03, 2013 – 01:01 PM EST
WASHINGTON, Jan. 03 /CSRwire/ - The American Sustainable Business Council and Business for Shared Prosperity, which have called for ending costly upper-income tax cuts, have released a statement explaining their disappointment that the “fiscal cliff” deal does not restore the revenues needed to rebuild our damaged economy and provide modern infrastructure for long-term business success. They also reject the continued use of small business owners as a false excuse for tax cuts for very high incomes and point to positive steps for future tax reform.
“The fiscal deal is disappointing. It does not restore the revenues needed to rebuild our damaged economy and provide modern infrastructure for long-term business success. The deal also continues the destructive myth that upper-income tax cuts create jobs. They don’t.
“Investment in education, research, infrastructure and economic development in our communities creates jobs and increased consumer demand. As Washington addresses the delayed sequester and debt ceiling, Social Security, Medicare and other programs vital for our people and economy must be strengthened, not cut.
“The need for revenue highlights the importance of working toward revenue positive corporate tax reform, including closing the nearly $1 trillion offshore tax haven loophole. America's small businesses want large corporations to pay their fair share of taxes. Any corporate tax reform must end the rigged corporate tax system that has corporations paying the lowest share of taxes in half a century at the same time as their profits have risen to 50-year highs.
“Other ways Congress can make up for the revenue shortfalls in the current deal include closing the carried interest loophole that provides hedge fund managers deep special discounts on their tax rates and adopting financial transaction taxes designed to curb harmful market speculation while raising additional revenue that could be targeted toward job creation.”
The American Sustainable Business Council and Business for Shared Prosperity, along with the Main Street Alliance, organized two sign-on letters to Congress and the President each signed by more than 600 business owners and executives.
The income tax letter says, in part: “As businesses owners, none of us hire more employees simply because someone gives us a tax cut. We hire more employees when our customers demand more of what we have to sell. When a teacher, firefighter or construction worker building public infrastructure loses his or her job, many of us also lose a customer.” The income tax letter and list of signers may be found here: http://businessforsharedprosperity.org/Bush%20Tax%20Cuts/Letter%20to%20Congress/Signatories
The corporate tax letter says, in part: “When powerful large U.S. corporations avoid their fair share of taxes, they undermine U.S. competitiveness, contribute to the national debt and shift more of the tax burden to domestic businesses, especially small businesses that create most of the new jobs.” The corporate tax letter and list of signers may be found here: http://asbcouncil.org/sites/default/files/library/docs/businesscorporatetaxletter121412final.pdf
Nine out of ten small business owners said it is a problem that U.S. multinational corporations use accounting loopholes to shift their U.S. profits to offshore subsidiaries to avoid taxes in a scientific nationwide poll released earlier this year. In the same poll, two-thirds of small business owners said big corporations do not pay their fair share of taxes.
The American Sustainable Business Council (ASBC) and its member organizations represent more than 150,000 businesses nationwide, and more than 300,000 entrepreneurs, executives, managers and investors. ASBC informs and engages policy makers and the public about the need and opportunities for building a vibrant and sustainable economy. www.asbcouncil.org
Business for Shared Prosperity (BSP) is a national network of forward thinking business owners, executives and investors. BSP produced the report, The Business Case for Restoring Tax Rates for High-Income Taxpayers to Pre-Bush Levels. BSP is a member of the American Sustainable Business Council. www.businessforsharedprosperity.org
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