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Showing posts with label AMERICANS FOR TAX FAIRNESS. Show all posts
Showing posts with label AMERICANS FOR TAX FAIRNESS. Show all posts

Wednesday, December 9, 2015

Our campaign to stop Pfizer’s massive tax dodging scheme is gaining momentum



Friend,
Our campaign to stop Pfizer’s massive tax dodging scheme is gaining momentum.
Last Friday, at a protest in front of Pfizer’s world headquarters in New York City, Americans for Tax Fairness supporters (including the second highest elected official in NYC – Public Advocate Letitia James) and allied organizations (especially Metro NY Health Care for All) denounced Pfizer’s plan to desert America. We called on U.S. Senator Chuck Schumer and New York’s Congressional delegation to pass legislation blocking Pfizer’s action before the merger is officially approved by shareholders in mid-2016.
Americans for Tax Fairness Executive Director Frank Clemente had this to say:
“We are here today in front of Pfizer because this giant drug company has decided to desert America. It is using a giant tax loophole … Pfizer has $140 billion in profits stashed offshore. It has not paid a dime of U.S. taxes on those profits. This inversion most likely will let Pfizer permanently dodge the tens of billions of dollars in taxes that it owes on those profits to the American people.”
We’re also receiving great media coverage about our report on Pfizer’s massive tax dodge.
Robert Samuelson, a nationally syndicated conservative columnist with The Washington Post, had this to say last week:
“Pfizer puts its effective global tax rate at about 25 percent, butAmericans for Tax Fairness claims that the actual rate is closer to 6 percent because much of Pfizer’s reported taxes are 'deferred' and will probably never be paid.”
And, prominent Washington Post columnist Allan Sloan had this to say:
“Chief executive Ian Read claims Pfizer has to desert our country for tax purposes to be competitive with foreign firms. But according to two separate reports that I consider credible — one by Americans for Tax Fairness, the other by Robert Willens — Pfizer almost certainly pays considerably less U.S. corporate tax than it reports to shareholders.”
This is only the beginning of our campaign to hold Pfizer accountable and ensure they pay what they owe in taxes. Together we’re demanding that Congress do its part to stop large multinational corporations from abandoning the United States.
We’ll continue to keep you updated. Thank you for all that you do.
Ron Eckstein
Communications Director
Americans for Tax Fairness


The TRUTH will set you FREE.

Thursday, November 19, 2015

It' time to REFORM the tax code, but let's DO IT RIGHT


Friend,
Yesterday, Senator Elizabeth Warren (MA) gave a major speech on corporate tax reform at The National Press Club and she hit on many of the issues that Americans for Tax Fairness has been leading on here in Washington.
In her speech, Senator Warren said:
The tax code is so tangled up with exceptions and credits that, for some of the biggest companies, the effective federal income tax rate is zero. That’s right – not 35%. Not 20%. Zero percent.
For example, over a five-year period, Boeing, General Electric, and Verizon paid nothing in net federal income taxes. These three Fortune 500 companies reported nearly $80 billion in combined profits and actually got tax rebates from the federal government.
Together we’re fighting to ensure that corporations and the rich pay their fair share of taxes while the needs of working families are protected.
Thank you,
Nick Trokel
Americans for Tax Fairness


The TRUTH will set you FREE.

Saturday, November 7, 2015

Pharmaceutical giant Pfizer likes to dodge paying its fair share of taxes.



Friend,
Pharmaceutical giant Pfizer likes to dodge paying its fair share of taxes. It already has 151 subsidiaries in tax havens, such as the Cayman Islands. Pfizer is already avoiding paying any U.S. taxes on $74 billion in profits it has stashed offshore. Now Pfizer wants to move its corporate address from New York City to Ireland to cut its taxes even further.
When corporations renounce their U.S. citizenship they slash their tax bill, leaving you and me to pay the tab. But they still get all the benefits of staying here in America. That’s not right.
Thank you,
Nick Trokel
Americans for Tax Fairness

Friend,
Pfizer – a U.S. pharmaceutical company headquartered in New York City – is threatening to desert America by moving its corporate address to Ireland, an offshore tax haven, in order to shirk its tax responsibilities here at home.
Pfizer wants to take advantage of a tax loophole known as a “corporate inversion,” which allows a multinational corporation to buy a smaller foreign company, usually located in a tax haven, and renounce its American citizenship.
If Pfizer is successful it will dramatically slash its tax rate – the Irish rate is one-third the U.S. rate. It will also be able to shift billions in profits to Ireland every year and dodge paying what it owes in U.S. taxes.
Incredibly, Pfizer already has $74 billion in U.S. profits stashed offshore on which it has not paid a dime of U.S. taxes.
When a multinational corporation moves its address offshore, it still enjoys all the benefits and privileges of being a U.S. company. Its headquarters and employees remain here. It uses our roads and bridges. It takes advantage of federally-funded research and government contracts. It has access to our legal system and to our workforce educated in public schools.
It just no longer pays its fair share of taxes – leaving American taxpayers to pick up the tab.
This hurts even more with Pfizer. Taxpayers buy about $1 billion a year in prescription drugs from Pfizer through federal government contracts. And Pfizer has developed prescription drugs with help from government researchers.
One year ago, Walgreens was considering the very same strategy – buying a company in Switzerland, a tax haven, to change its corporate address to dodge paying U.S. taxes. Together, we stopped Walgreens. And together, we can stop Pfizer!
Please, stand with us today and demand that multi-billion dollar corporations such as Pfizer pay their fair share of taxes.

Thank you,

Frank Clemente
Executive Director
Americans for Tax Fairness

The TRUTH will set you FREE.

Saturday, October 10, 2015

U.S. corporations have $2.1 TRILLION in profits stashed offshore


Dear Friend,
U.S. corporations have $2.1 TRILLION in profits stashed offshore – most of it in tax havens. As long as this money is kept offshore, corporations dodge paying U.S. income taxes on it. That leaves you and me to make up the difference.
These giant corporations need to pay what they owe on these offshore profits. That’s about $600 billion in taxes, according to one estimate. [1]
But corporate lobbyists are working behind the scenes in Washington to make sure their tax bill is a small fraction of what they owe. Unless we stop them!
If we close tax loopholes for corporations that ship jobs and hide profits offshore, we can raise hundreds of billions of dollars to invest in America.
Imagine what we could do with the $600 billion giant corporations owe right now. Make college affordable and pay down crushing student debt. Rebuild crumbling roads and bridges. Research new medical cures. Revitalize public education.
Just one company – Apple – has $181 billion in profits offshore, nearly all of it in tax havens. It owes$59 billion in taxes on those profits. [2] But Apple’s lobbyists are working overtime to get Congress to pass legislation to slash its tax bill.
It’s time big corporations paid their fair share. You and I do. 
Thank you,
Frank Clemente
Executive Director

[2] Offshore Shell Games, Oct. 5, 2015, Citizens for Tax Justice.


The TRUTH will set you FREE.

Tuesday, June 23, 2015

Walmart's tangled web of subsidiaries in tax havens

Dear Friend,
We have just issued a groundbreaking report exposing Walmart's tangled web of subsidiaries in tax havens. These are all very secretive – not one has ever been publicly listed by Walmart as subsidiaries in the company’s annual filing to the U.S. Securities and Exchange Commission (SEC).
Our research has found that Walmart has set up 78 shell companies in 15 tax havens. A principal reason a company uses offshore tax havens is to avoid paying its fair share of taxes here at home.
According to our calculations, Walmart owns $76 billion in assets through just two notorious tax havens – Luxembourg and the Netherlands. This is shameful behavior by the largest employer in the United States and by a company majority-owned by one of the richest families in the World. It shouldn't be tolerated.
When Walmart and other big corporations do not pay their fair share of taxes guess who picks up the tab – you and me. Walmart owes its success to the resources and services that are made possible through taxes: roads, bridges, schools, the legal system and everything else that helps the American economy thrive.
But Walmart – and many other corporations – increasingly use tax havens to avoid paying their fair share. We need to know whether Walmart is skirting the law by using secretive tax havens and how much it is avoiding in taxes.
Thank you,
Frank Clemente
Executive Director
P.S. You can read our groundbreaking report on Walmart’s web of tax havens here.

The TRUTH will set you FREE.

Thursday, June 11, 2015

Big corporations will squeeze through any and every tax loophole available

Dear FRIEND,
Big corporations will squeeze through any and every tax loophole available to them no matter how outrageous. The latest example is Monsanto, the giant U.S. based agriculture conglomerate, which is attempting to dodge paying its fair share of taxes here at home by buying and merging with Syngenta, the giant Switzerland based agriculture conglomerate.
Syngenta just released documents revealing Monsanto's plan to simply change its corporate address – not actually move its HQ – to Britain as part of the deal. Why would Monsanto want to do that? Easy, to avoid paying their fair share of taxes in the United States and getting a lower tax rate abroad. One estimate pegs the tax dodge at $500 million.
The only way to stop corporations like Monsanto and others in the pipeline from taking advantage of this giant, gaping tax loophole – known as a corporate inversion – is to change the law.
Senator Dick Durbin (D-IL) has joined Senator Jack Reed (D-RI) to push for a permanent, legislative solution to this tax dodge.
We can't appeal to the morality of corporations. We can't appeal to their sense of patriotism or fairness. But we can appeal to the people we put in Congress to put a stop to this.
Thank you,
Frank Clemente
Executive Director



The TRUTH will set you FREE.

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