04/08/2021 | Press release | Distributed by Public on 04/08/2021 11:08
Washington, DC - Senator Sheldon Whitehouse (D-RI) and Congressman Lloyd Doggett (D-TX) welcomed the U.S Treasury Department's new Made in America Tax Plan, a proposal containing central components of Whitehouse and Doggett's No Tax Breaks for Outsourcing Act. The Biden administration American Jobs Plan, released last week, proposes to generate revenue by closing loopholes and incentives in the tax code that send jobs and profits overseas. The new Treasury tax plan fleshes out those proposals in greater detail.
The Treasury plan estimates the revenue generated by preventing outsourcing of jobs and profits would generate roughly $700 billion over the plan's 15-year timeframe. Key provisions in Whitehouse and Doggett's No Tax Breaks for Outsourcing Act are included in the Treasury plan.
'President Biden is right,' Senator Whitehouse said. 'We need tax reform that's fair; that closes loopholes for shipping jobs and profits overseas; and that ends the needless race to the bottom against other countries, which stifles investment in urgent priorities like infrastructure. I'm pleased to see the Biden administration draw from the approach Congressman Doggett and I proposed in Congress, and I look forward to working closely with the White House and Treasury Department to pass these ideas into law.'
'A compelling case to advance both sweeping infrastructure investment and American competitiveness,' said Congressman Doggett. 'Removing perverse tax incentives that promote outsourcing American jobs and shifting to offshore tax havens profits from American sales, corporations would finally be required to pay a fair share. American leadership for a global minimum tax can end the destructive corporate tax race-to-the bottom around the world and the loss of so much stateless, untaxed corporate income. Most important to apply the Global Intangible Low Tax-Taxed Income (GILTI) tax on a country-by-country basis and repeal the Foreign Derived Intangible Income (FDII) tax break, which has served as an incentive for tax haven abuse rather than greater domestic production.'
The Treasury plan includes key elements of Whitehouse and Doggett's bill, such as:
More details on the Made in America Tax Plan here.
More details on the No Tax Breaks for Outsourcing Act are available here.