Business Leaders Urge President to Allow G8 to Close Corporate Tax Loopholes

WASHINGTON, June 7, 2013 /PRNewswire-USNewswire/ -- The American Sustainable Business Council (ASBC), whose members represent 165,000 U.S. businesses, sent a letter to President Obama today urging him to seize the opportunity to close overseas corporate tax loopholes at the upcoming international G8 meeting. International tax issues are expected to be a key focus of the meeting – unless blocked by the United States.

A recent letter from the US Chamber of Commerce and other business lobby groups pushed the President to block the reform efforts to protect the loopholes for the few U.S. multinational companies who use them.

The ASBC letter pointed out that, "When companies play one country's tax laws against another, and have developed a system in which their international subsidiaries hold billions of dollars of profits untaxed in any nation, this is a problem for all nations."

The letter concludes, "We hope we can count on you to support efforts to close down the world's tax havens at the upcoming G8 meeting and to insure that in this country we work toward revenue-positive corporate tax reform that demands that all businesses pay their fair share so that we have adequate revenue to invest in America's infrastructure, schools and small businesses, allowing all of our businesses to thrive and to be competitive in the 21^st century global economy."

National, scientific polling of small business owners finds that 91% of business owners think it is a problem when multinational corporations used accounting loopholes to shift their U.S. profits to offshore subsidiaries to avoid paying taxes. And, 85% of small business owners (including two-thirds of Republican small business owners) oppose a shift to a territorial tax system, such as advocated by the US Chamber and its allies.

The full text of the letter may be found here: http://asbcouncil.org/sites/default/files/library/docs/asbc_letter_to_president_obama_on_g8final.pdf

The American Sustainable Business Council and its member organizations represent more than 165,000 businesses nationwide, and more than 300,000 entrepreneurs, executives, managers, and investors. The council includes chambers of commerce, trade associations, and groups representing small business, investors, microenterprise, social enterprise, green and sustainable business, local living economy, and women and minority business leaders. ASBC informs and engages policy makers and the public about the need and opportunities for building a vibrant and sustainable economy. www.asbcouncil.org

Contact: Bob Keener, 617-610-6766, [email protected]

SOURCE American Sustainable Business Council