You could pick any number of excellent reasons to oppose the GOP tax giveaway to the rich, but one of its worst features is a territorial tax system, where the active income of U.S. companies earned offshore will no longer be subject to U.S. taxes.
- A territorial tax of zero for foreign income makes explicit and permanent the preference for foreign income over domestic, which pushes business away from our shores.
- Companies will shift profits overseas, when we should be repatriating profits to raise taxes for infrastructure and competitiveness.
- Jobs will go, too, because the GOP tax bill punishes companies that invest in America to create jobs and instead rewards companies that take jobs away from our communities.
The GOP tax bill is nothing but a deficit-exploding, massive giveaway to the rich.
Working people are fighting to kill this bad GOP bill and to push Congress to pass a reasonable and responsible tax bill that makes Wall Street and corporations pay their fair share.