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, business people and investors who are committed to supporting a level playing field by stopping tax haven abuse are speaking out. We are serious about taxation that is transparent, fair and responsible. Ending tax haven abuse is an important step in putting our economy back on a stable and secure footing.
Business people and investors have a crucial voice in this debate. Washington has been hearing mostly from business lobbyists opposed to strong legislation to stop tax haven abuse. We 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 to support legislation ending tax avoidance and evasion through offshore tax havens. Visit the campaign website to learn more.