WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) said today he needs to see more details on President Trump’s tax plan, but that the focus of any tax plan must be easing the burden on working people and small businesses. Brown also called for ending tax breaks for corporations that outsource jobs and closing loopholes that allow corporations to avoid paying their fair share by shifting their headquarters overseas.
As part of his efforts to restore the value of work, Brown is working on legislation to reward corporations when they keep jobs in American and pay their employees fair wages and benefits. At the same time, Brown’s plan will also require corporations who pay their workers so little, that they are forced onto government assistance to reimburse taxpayers for the cost.
“I want to cut taxes for working people and small businesses and end handouts to multi-billion dollar corporations that send American jobs overseas,” Brown said.
Senator Brown has introduced legislation to crack down on corporations who ship jobs overseas. The Pay What You Owe Before You Go Act would require corporations who want to shift their headquarters overseas for tax purposes to pay their full U.S. tax bill on all deferred overseas profits before reincorporating in a new country. He’s also supporting the Stop Corporate Inversions Act, which would close a tax loophole that allows U.S. companies to acquire smaller foreign companies and move their tax home to a foreign jurisdiction as part of the overall transaction to avoid paying U.S. taxes.
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