New regulation on Offshoring is gaining traction in Congress.

"Tax Havens and Offshoring Act"

https://www.vanhollen.senate.gov/imo/media/doc/SIL21559%20-%20Disclosure%20of%20Tax%20Havens%20and%20Offshoring%20Act.pdf

It has already passed the house and has bipartisan support in the senate.

Today, U.S. Senator Chris Van Hollen (D-Md.) applauded the House passage the Tax Havens and Offshoring Act, within the broader ESG Disclosure Simplification Act. This legislation, introduced by Senator Van Hollen and Rep. Cindy Axne (D-Iowa) will provide investors and the public with transparency on corporations’ use of tax havens and tax incentives to outsource American jobs. The bill requires public corporations to disclose their financial reporting on a country-by-country basis so Americans can see the extent to which they are abusing tax havens or offshoring jobs.

“Americans have a right to know how our broken tax system is rewarding corporations that ship jobs overseas. As we work with President Biden to repair the damage of the 2017 Republican Tax Scam and grow jobs here at home through the American Jobs Plan, I’m glad to see the House pass our legislation to shine a light on the games big corporations play to move profits overseas and avoid paying taxes to support public investments here at home. Sunshine is the best disinfectant, and exposing these loopholes is critical to closing them. I’ll be working to get this passed in the Senate,” Senator Van Hollen said.

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This is how this works:

Step 1: conduct a 50 year op to make running a business and employing people in America as expensive as possible.

Step 2: pretend someone else is doing it and blame the businesses that are the victim of #1.

Step 3: pass new law punishing anyone trying to escape #1.

Step 4: hail yourself a hero to get votes.

Step 5: extort companies to get "exceptions"

Step 6: stay in office for life thanks to all the bribes.

If you like that, you'll love Biden's tax plan. He's going to cap expense deductions for offshore employment costs. In effect, he's taxing you if you do too much offshore.

we are not offshorong to save on taxes we are offshoring to save on salary. why pay someone state side 200k per year in total comp when I can get it for 25k in India

It won’t go anywhere. The GQP will stall until they take back the senate in 2022 and ki-l it dead.

There will be enough loop holes baked into the bill that it will make no difference.

This is a start, but I would like to see even stronger penalties to deter offshoring.

What a shell game.

The entire govt. has been paid off by billionaires and corporations.

SSDD. Nothing ever changes.

The people in power continue to oppress by ensuring the system of oppression stays in place. e.g., Koch brothers, anyone?

No more using the USA as an ATM for the global elite.

Everyone reading this thread needs to contact their senator to ask them to support this bill.

“ so Americans can see the extent to which they are abusing tax havens or offshoring jobs.”

Yes, because companies having to report CEO salaries vs the mean employee salary has done a lot to curb CEO salaries and/or raise employee wages. But go ahead, i’ll wait for the big changes coming forth…

Shaming companies for not paying taxes sure seems to be working well too. I heard Amazon is going to donate 800b to the IRS because they feel so guilty. Besides look how much their sales are suffering due to the press! And watch that stonk price plummet these days.

Thread regarding Wells Fargo & Co. layoffs

New regulation on Offshoring is gaining traction in Congress.

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