OPINION: U.S. offshore tax haven corporations still getting pandemic federal loans



The Trump administration’s handling of the pandemic has been a disaster with over 110,000 Americans dead and two million having contracted the COVID-19 virus. And, at the center of this mess are corporations who have taken advantage of federal loans meant for struggling U.S. businesses.

Now, we’ve learned that based on the Federal Reserve’s guidelines, corporations that have shifted their legal address to an offshore tax haven or other foreign country to avoid paying their fair share in U.S. taxes, but still maintain most of their operations here in the U.S., are eligible to receive federally backed loans that were included in the first pandemic relief package.

These unpatriotic corporate tax dodgers who have renounced their U.S. citizenship do not deserve to be bailed out by U.S. taxpayers.

Multinational corporations already have huge advantages by shifting their operations and profits offshore. That’s because the Trump-GOP tax scam slashed the tax rate on U.S. corporate profits earned offshore to about 10.5 percent, half the 21 percent tax rate on profits earned here at home. And that 21 percent domestic rate was far below the 35 percent rate corporations paid before the tax scam.

I don’t know how to say it any clearer: These unpatriotic, tax-dodging, profit-maximizing corporations focused on enriching their exorbitantly-paid CEOs and wealthy shareholders should not get any help from us taxpayers.

That’s why we’re working with our allies in Congress to change these rules, which put corporate greed ahead of working people and businesses most in need.

Thanks for all you do to demand a pandemic response and a U.S. tax system that puts people and Main Street businesses first, not corporate tax cheats.

(Frank Clemente is executive director of Americans for Tax Fairness Action Fund. Want to help send a message to Washington? Make a donation to the Tax Fairness Action Fund at secure.actblue.com/donate/covidinverters).


Please enter your comment!
Please enter your name here