In response to the tax bill introduced in the House of Representatives Gawain Kripke, Oxfam America’s Policy Director, made the following statement:
“This tax reform bill is Robin Hood in reverse; it robs from the poor and gives to the rich. It will entrench and increase economic inequality in the US and internationally.
“Economic growth is increasingly captured by the richest people in society. Right now, eight men own more wealth than the bottom 3.5 billion people on the planet. With this bill, Congress is preparing to make things worse.
“The bill would open new loopholes for the rich and big corporations, drastically reduce taxes on offshore corporate profits and incentivize companies to artificially offshore jobs and shift profits into tax havens. Tax dodging by multinational companies already costs the US and poor countries each about $100 billion per year, and this bill would put them on course to lose billions more.
“This bill would also make it harder for poor countries to collect taxes already due from profits generated in their borders. At the same time, the bill’s proposed tax cuts for corporations will starve governments of funds needed to lift people out of poverty, both at home and around the world.
“The only thing this bill will accomplish is increasing economic inequality. It defies logic and should be swiftly rejected.”