In response to the tax bills introduced in the Senate and passed out of the Ways and Means Committee in the House of Representatives today, Gawain Kripke, Oxfam America’s Policy Director, made the following statement:
“Just one week since introducing its tax plan, the House Ways and Means committee has managed to make a terrible bill worse. The mark-up defanged the already weak measures to prevent tax haven abuse, while failing to make substantive changes to address its overwhelming tilt in favor of the wealthy and large companies.
“The Senate Finance committee has chosen to follow in the lower chamber’s footsteps with its own bonanza for the wealthiest people and companies in the country. Both plans share the same focus on providing massive tax breaks to offshore tax dodgers and making it easier for big companies to stash their profits and jobs overseas leaving less money to invest in schools, hospitals, and roads.
“Right now, eight men own more wealth than the bottom 3.5 billion people on the planet, revealing how economic growth is increasingly captured by the richest. With these bills, Congress is working overtime to prove that our economy can be even more unequal still.
“In the aftermath of the massive Paradise Papers scandal, Congress has maintained its gross indifference to the blatant abuse of offshore tax havens that has found its way to the front pages of newspapers across the globe.
“We can only hope that reasonable forces will prevail in the full House and Senate to prevent these dangerous giveaways to the rich and powerful from becoming law.”