Supporting Fair Taxation: Endorsement of the 'No Tax Breaks for Outsourcing Act’

I am writing to express my strong support for the "No Tax Breaks for Outsourcing Act" (H.R. 884), recently introduced in Congress. This crucial legislation addresses critical issues in our tax code that unfairly benefit multinational corporations at the expense of American workers and small businesses. The bill seeks to ensure that multinational corporations pay the same tax rate on profits earned abroad as they do in the United States, effectively eliminating tax incentives for offshoring jobs and profits. It introduces significant reforms, including applying taxes on Controlled Foreign Corporations (CFCs) on a country-by-country basis, restricting interest deductions for multinational groups, and treating certain foreign corporations managed in the U.S. as domestic for tax purposes. These measures are not only fair but also essential for creating a level playing field for domestic businesses and protecting American jobs. The bill's provisions align with the global consensus on tax fairness, as exemplified by the 2021 agreement led by Secretary Yellen with 130 countries. I believe that the "No Tax Breaks for Outsourcing Act" will close loopholes that currently allow large corporations to reduce their tax burden by shifting profits overseas. This legislation is a step towards a more equitable and sustainable economic future for all Americans. I urge you to support this bill and work towards its swift passage. Thank you for considering my views on this important matter.