Americans for Democratic Action Calls For Closing Tax Loopholes That Allow Corporations To Move Profits Offshore To Avoid Taxes

Feb 05, 2013 -- 3:55pm

The Delaware chapter of Americans for Democratic Action is calling for closing loopholes in the nation’s tax code that will keep corporations from moving their profits out of the country to avoid paying higher taxes.

Citing statistics from the U.S. Public Interest Research Group, ADA says Delaware lost $220 million in tax revenues last year through what the group calls “offshore tax dodging.” The group says tax dodging is not a victimless offense, and that when corporations move their profits offshore to avoid state and local taxes, taxpayers get hurt twice.

ADA says taxpayers lost nearly $40 billion last year from corporations moving their profits offshore.

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