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Business Leaders Urge President to Allow G8 to Close Corporate Tax Loopholes

Business Leaders Urge President to Allow G8 to Close Corporate Tax Loopholes

Published 06-07-13

Submitted by American Sustainable Business Council

The American Sustainable Business Council (ASBC), whose members represent 165,000 U.S. businesses, sent a letter to President Obama today urging him to seize the opportunity to close overseas corporate tax loopholes at the upcoming international G8 meeting. International tax issues are expected to be a key focus of the meeting – unless blocked by the United States.

A recent letter from the US Chamber of Commerce and other business lobby groups pushed the President to block the reform efforts to protect the loopholes for the few U.S. multinational companies who use them. G8 host British Prime Minister David Cameron has proposed taking up international tax rules reform at the meeting. In the United States, Apple CEO Tim Cook was recently brought before a Senate committee to explain his company’s tax avoidance activities.   

The ASBC letter pointed out that, “When companies play one country’s tax laws against another, and have developed a system in which their international subsidiaries hold billions of dollars of profits untaxed in any nation, this is a problem for all nations.”

The letter concludes, “We hope we can count on you to support efforts to close down the world’s tax havens at the upcoming G-8 meeting and to insure that in this country we work toward revenue-positive corporate tax reform that demands that all businesses pay their fair share so that we have adequate revenue to invest in America’s infrastructure, schools and small businesses, allowing all of our businesses to thrive and to be competitive in the 21st century global economy.”

National, scientific polling of small business owners finds that 91% of business owners think it is a problem when multinational corporations used accounting loopholes to shift their U.S. profits to offshore subsidiaries to avoid paying taxes. And, 85% of small business owners (including two-thirds of Republican small business owners) oppose a shift to a territorial tax system, such as advocated by the US Chamber and its allies.

The full text of the letter may be found here:

The American Sustainable Business Council and its member organizations represent more than 165,000 businesses nationwide, and more than 300,000 entrepreneurs, executives, managers, and investors. The council includes chambers of commerce, trade associations, and groups representing small business, investors, microenterprise, social enterprise, green and sustainable business, local living economy, and women and minority business leaders. ASBC informs and engages policy makers and the public about the need and opportunities for building a vibrant and sustainable economy.

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American Sustainable Business Council

American Sustainable Business Council

The American Sustainable Business Council (ASBC) is a national coalition of mission-driven businesses, social enterprises and sustainable business networks working to create a vibrant, just and sustainable economy. What unites us is a deep belief that we must move to a new economy that is grounded in principles of sustainability and equity.

The Council represents over 55,000 businesses and enterprises and more than 150,000 executives, owners, investors, entrepreneurs and business professionals. It is comprised of partners, which are organizations that represent businesses and social enterprises as well as entrepreneurs, executives, owners and investors committed to building a vibrant, just, and sustainable economy.

ASBC promotes policy change by educating and informing the business community, policy makers and the media about the business case for change, and by engaging the leaders of businesses and enterprises in building broad support for the policies America needs. We work on a range of policy areas, including: financial reform, health care, chemicals policy, climate change and business taxes.

We believe that the policies that will lead us to a sustainable and just economy are also good for business and good for America. Making the right commitments and investments will produce more and better jobs, build strength in key technologies, and make the U.S. more independent and secure.

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