As Debt Ceiling Deadline Approaches, Business Leaders Support Legislation to End Tax Haven Abuse and Recapture 1 Trillion in Revenue

Contact: David Lerner/Sahil Bhatia Riptide Communications, Inc. (212) 260-5000 or
Scott Klinger, Business for Shared Prosperity (443) 602-0136; ScottKlinger@businessforsharedprosperity.org  

Media Briefing

Tuesday, July 26, 2011

1:00 pm EDT - 2:00 pm EDT

Call-in Number: 1-218-936-4700

Participant code:  873721

Washington, July 25th - Business leaders will join a media briefing hosted by Representative Lloyd Doggett (D. TX) on newly introduced legislation that would recapture $100 billion in revenue annually – and $1 trillion over the next decade – lost to tax dodging by multinational corporations and wealthy individuals through offshore tax havens. At a time when the budget deficit dominates the news, the Stop Tax Haven Abuse Act would ensure that profits and jobs stay in the United States and bring in much needed tax revenues – all without cutting critical funding for education, small business and jobs or entitlements like Social Security and Medicare.

Frank Knapp, president and CEO of the South Carolina Small Business Chamber of Commerce, said, “It's time to close the tax loopholes that deprive us of much needed revenue and reward big corporations for hiding profits and exporting jobs that we all know American workers need now more than ever.”

 This legislation has strong support from the small business community, which generates most of the new jobs so essential to our economic recovery. Please join us to learn about this important legislation and how it can help reduce the budget deficit and bring fairness back into our tax system. A question-and-answer session will follow the briefing.

Featured Speakers:

·        Congressman Lloyd Doggett (D-Texas) – Bill sponsor, serves on the House Budget Committee and the House Ways and Means Committee. He is a strong advocate for tax code reform and has sought to close tax loopholes that favor large corporate interests to the detriment of small businesses and individual taxpayers.

·        Frank Knapp – president and CEO of the South Carolina Small Business Chamber of Commerce and spokesman for the national coalition, Business and Investors Against Tax Haven Abuse (www.businessagainsttaxhavens.org). Mr. Knapp is a tireless advocate for small business.

·        Paul Egerman, founder and former CEO of the medical technology company eScription and past Inc. magazine “Entrepreneur of the Year.” He is a member of Business for Shared Prosperity.

·        Rebecca Wilkins – senior counsel, federal tax policy, Citizens for Tax Justice, focuses on all aspects of federal tax policy, including corporate, individual, trust and estate, and international taxation. Before joining CTJ/ITEP, she spent more than 20 years as a practicing CPA specializing in tax.

Business for Shared Prosperity leads the Business and Investors Against Tax Haven Abuse campaign of business organizations and owners calling “on the President and Congress to end tax dodging and support a level playing field for business by enacting strong legislation to stop tax haven abuses. Offshore tax havens reward tax evaders, rob public coffers of needed revenue and offload taxes to responsible businesses and households. Everyone needs to pay their fair share to keep America moving forward.” More than 1,200 business organizations, business owners and investors have signed the petition at www.businessagainsttaxhavens.org.

For more information about the Stop Tax Haven Abuse Act:

http://www.ctj.org/pdf/stopact.pdf

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