Fighting for a U.S. federal budget that prioritizes peace, economic security and shared prosperity
FOR IMMEDIATE RELEASE
Contact: Derrick Crowe, 571.318.9114, email@example.com.
NORTHAMPTON, MASS.--Experts from National Priorities Project (NPP), a national nonprofit organization dedicated to making the federal budget more transparent and accessible, are available for interviews this week regarding the cost of massive, unpopular corporate tax breaks and their role in congressional budget negotiations.
In 2013 alone, U.S. corporations utilized 75 tax breaks to reduce their tax burden, costing the U.S. Treasury $108 billion. The deferral of taxes on corporate income earned abroad cost the Treasury $42 billion in 2013, roughly equivalent to the amount the House of Representatives proposed to cut from Food Stamps (SNAP) over the next decade. During the past five years, the deferral of corporate income earned abroad cost the Treasury approximately $236 billion.
Closing tax loopholes is a major point of contention among key players on the budget conference committee. According to statements, U.S. Rep. Paul Ryan (R-Wisc.) seeks to avoid including tax reforms in committee-backed budget agreements, while Senator Patty Murray (D-Wash.) wants these potential sources of revenue on the table during negotiations. With the budget committee set to meet for the second time on Wednesday, November 13--only 30 days from the committee's December 13 deadline to produce a compromise budget--corporate tax loopholes will feature prominently in reporting on congressional budget battles this week.
According to recent polls by Hart Research Associates, 80 percent of Americans want loopholes closed for big corporations, while 75 percent oppose cuts to SNAP.
NPP Executive Director Jo Comerford and NPP Research Director Mattea Kramer are available this week to provide interviews and background information regarding the cost of corporate tax breaks, their unpopularity among the public, and possible trade-offs among other competing priorities to contextualize the debate. To arrange an interview, please contact NPP Communications Officer Derrick Crowe at 571.318.9114.
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