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Jack Conway on Corporations |
$130 Billion, by closing corporate tax loopholes on overseas interest and income and shutting down offshore tax shelters. The tax code has a loophole that lets companies deduct their foreign interest and income from their US taxes. This provision essentially encourages companies to invest in foreign companies and ship jobs overseas. Experts estimate shutting this loophole would save $100 billion over ten years. And it would be more effective if combined with an effort to shut down offshore tax shelters, which the Congressional Budget Office estimates could save an additional $30 billion.
Jack would close the corporate tax loopholes and shut down offshore tax shelters to so that big corporations pay their fair share and create jobs in Kentucky, not the Cayman Islands.