US small businesses call for end to tax haven abuse

| 15/04/2011

(CNS): More than 800 business organizations and business people have signed a statement calling on the US government to stop corporate tax haven abuse, according to a news release from the corporate responsibility news wire. The business people say that tax dodging deprives the nation of revenue needed for a strong economy. The statement says in part, "Offshore tax havens reward tax evaders, rob public coffers of needed revenue and offload taxes to responsible businesses and households."

"Small businesses are thelifeblood of local economies. We pay our fair share of taxes, shop locally, support our schools and actually generate most of the new jobs. So why do we have to subsidize the US multinationals that use offshore tax havens to avoid paying taxes?" said Frank Knapp, President and CEO of The South Carolina Small Business Chamber of Commerce. "We need to end tax havens and use that revenue to invest in growing our small businesses. That is how we create a healthy economy."

David Levine, Executive Director of The American Sustainable Business Council, which represents more than 70,000 businesses in the US said his members were forced to compete against US multinationals that use tax havens as profit centers.

“This enables them to drive small and mid-sized and other beneficial companies out of business. If that’s not anti-business, I don’t know what is. Let’s reclaim those dollars and use them to build our U.S. businesses and economy," he said.

Ben Kyriagis, President of Small Business Minnesota and President of World Trade Network in Minneapolis pointed out that people who use foreign bank accounts and tax havens overseas to evade US taxes could go to prison. “Yet hundreds of large U.S. corporations do exactly that every day and also claim to have the same rights as citizens. If they have the same rights as citizens they should also be subject to the same laws as all US citizens,” he added.

Business and Investors Against Tax Haven Abuse said that they support policies that end tax avoidance and evasion through offshore tax havens. The petition is cosponsored by Business for Shared Prosperity, Wealth for the Common Good and the American Sustainable Business Council.
Go to full statement http://businessagainsttaxhavens.org

 

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