There is no justification for tax avoidance and evasion through offshore tax havens. Everyone needs to pay their fair share to keep America moving forward. Tax dodging deprives our nation of revenue needed to maintain and modernize the infrastructure and services underpinning a strong economy. An estimated $100 billion or more in tax revenue is lost every year. Our economic progress is undermined when companies are rewarded for financial manipulation rather than innovation and productive investment.
Offshore tax havens provide cover for banks, hedge funds and corporations to shift taxable income from the United States to tax havens for the sole purpose of escaping taxation. Tax haven secrecy allows wealthy Americans to hide assets, helps companies manipulate their finances, and fosters the casino economy. Offshore tax havens reward companies and individuals who offload taxes to responsible businesses and households.
Through this campaign, we are mobilizing business people and investors who are committed to supporting a level playing field by stopping tax haven abuse. Passing strong legislation to end tax haven abuse will show we are serious about taxation that is transparent, fair and responsible. It is an important step in ending the irresponsible speculation and financial manipulation putting our whole economy at risk.
Business people and investors have a crucial voice in this debate. Right now, Washington is hearing mostly from business lobbyists opposed to strong legislation to stop tax haven abuse. In the months ahead, we will amplify the voices of business people and investors asking the President and Congress to strengthen our economy by enacting tough legislation to end tax haven abuse.
Business and Investors Against Tax Haven Abuse was launched in December 2009 by Wealth for the Common Good and Business for Shared Prosperity.
To learn more about the campaign or join our efforts, please visit www.businessagainsttaxhavens.org or contact info@wealthforcommongood.org.
We, the undersigned business owners, executives and investors, call on the President and Congress to end tax dodging and support a level playing field for business by enacting strong legislation to stop tax haven abuses. Offshore tax havens reward tax evaders, rob public coffers of needed revenue and offload taxes to responsible businesses and households.
Visit our campaign website for additional resources.