Target: Mike Kelly, Chair of U.S. House Subcommittee on Tax
Goal: Close loophole enabling mega-corporations to skirt billions of tax dollars.
A legally questionable tactic that allows powerful multi-billion-dollar corporations to dodge their taxes will soon make a notorious return. This tactic had faced a major crackdown during the prior administration, as it was made explicitly illegal for tax avoidance purposes, stringent new notification requirements were put in place at the IRS, and more auditors were hired to curb the practice. These measures were projected to raise over 100 billion dollars in revenue in just a few years’ time…until the Trump administration decided to once again prioritize billionaires.
The administration has signaled it will remove notification requirements for basis shifting, in which giant conglomerates can move assets between corporations and lessen the value of these assets. The practice has enabled powerful business partnerships to slash their tax bills by tens of billions. Once again, the wealthy and powerful will be able to engage in unscrupulous business practices unseen and undetected. The significant staffing cuts at the IRS will only allow such practices to fester more.
Meanwhile, working-class Americans continue to struggle for savings and financial breaks. Sign the petition below to demand lawmakers close this money-leaking loophole once and for all.
PETITION LETTER:
Dear Representative Kelly,
The administration’s proposal to ease business basis shifting regulations shows where its priorities lie, and it is not with average Americans. The U.S. Department of the Treasury has historically connected this practice with the loss of billions of dollars in taxes that should be paid by the largest and most profit-heavy businesses. Providing yet another tax break to billionaires while tens of millions of Americans are straining to maintain a reasonable standard of living is not a good look nor a maneuver that will benefit long-term economic prospects.
If the administration will not uphold this important check on tax evasion, then as this country’s lawmaking body it is Congress’ responsibility to ensure every American, no matter how powerful or wealthy, pays their fair share.
Sincerely,
[Your Name Here]
Photo Credit: Nataliya Vaitkevich
