The coalition calls itself WIN America, but the numbers involved in the corporate tax holiday mean a real loss for America. The Congressional Joint Committee on Taxation has calculated this tax windfall would cost $80 billion, money that would be made up with higher taxes on small business people like me, or through reduced government services and infrastructure upon which all businesses, communities and families depend.
Tax amnesty programs are nothing new. The IRS has a couple of times allowed individual taxpayers to declare hidden offshore assets and pay both the full tax due and penalties in exchange for avoiding prosecution and possible jail time. While much corporate tax-dodging through the use of tax havens is neither hidden, nor illegal under current law favoring U.S. multinationals, it wholly stems from corporations who engage in these transactions for the principle purpose of shifting profits between countries in order to avoid taxes. Creating an incentive for such anti-social behavior through preferential tax rates will only serve to accelerate the offshoring of U.S. profits through fictional transactions.
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