Repatriation – Good for Corporate Giants, Bad for America – Take Action to Protect American Small Businesses

Repatriation – Good for Corporate Giants, Bad for America – Take Action to Protect American Small Businesses

 -  U.S. Women's Chamber of Commerce stands up for small businesses and opposes repatriation legislation.  Read the USWCC Letter to Senate Leadership.

There is a lot of talk on the Hill about Repatriation and if you can see through the smoke and mirrors, you will find that this is just another tax giveaway for Corporate Giants.  If small business owners decided to stop paying our fair share of taxes, we'd be sent to jail.

What is it?
        Corporate repatriation legislation proposed by Senators Kay Hagan and John McCain would let U.S. businesses bring home offshore profits at an 8.75 percent tax rate. The rate on repatriated profits would drop to 5.25 percent if a company’s payroll expanded during 2012. The current top corporate rate is 35 percent. To qualify for the lowest tax rate, a company would have to increase its payroll by 10 percent as measured by additional workers or higher employee pay.

History shows repatriation tax break did not achieve positive results.
        Studies have shown that the 2004 repatriation tax break did not achieve positive results.  This repatriation did not produce U.S. jobs, reduce our deficit, or bring about increased investments in research and development.  Instead, big firms engaged in stock buy-backs, increased their executive compensation and increased their stockpile of money offshore.  The bottom line -- these firms learned of the great rewards they received for their stockpiling money offshore, and are now ready to abuse America again through getting another tax holiday.  All while pro-American businesses pay their fair share, and keep jobs and revenues in America.   

Impact on Small Business and the American Economy
        The congressional Joint Committee on Taxation has estimated that the tax breaks under consideration would cost the U.S. Treasury nearly $80 billion over ten years. Additionally, small businesses continue to struggle as the competition is given unfair tax advantages.

Call to Action
        The U.S. Women's Chamber of Commerce demands that Congress stand up for Main Street American businesses that must compete in a marketplace that is already skewed against us.  We ask the Senate to bar this most recent big-business give-away; tell America's Corporate Giants to stop abusing tax havens and just bring their money home!

We ask our members to take action to tell congress that we will not tolerate tax giveaways to Corporate Giants at the expense of America’s Small Businesses.  Contact your Senators today. Contact the Small Business committees. And let your House Member know you oppose such legislation.

Contacts:

• House of Representatives: http://www.house.gov/representatives/
• U.S. Senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
• House Small Business Committee: (202) 225-5821Sam Graves, Chair
• Senate Committee on Small Business & Entrepreneurship 202.224.5175 Mary Landrieu, Chair
• Whitehouse Switchboard: 202-456-1414