25 signatures reached
To: The United States Congress
Ban offshore banking
Make it the law of the land that if you do business in America and profit in America, then you pay taxes on that income in America. Prohibit wealthy corporations from hiding their profits in offshore banks to avoid paying U.S. income tax.
Why is this important?
It has been estimated that over a trillion dollars in profits earned by the largest and richest Fortune 500 corporations are being deposited in offshore banks in the Cayman Islands and elsewhere in order to avoid paying U.S, income tax. This deprives the U.S. Treasury of billions of dollars in tax revenue; money that could go toward infrastructure, healthcare, and education.