• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / News / Axne bill on corporate profit shifting clears U.S. House panel

Axne bill on corporate profit shifting clears U.S. House panel

May 13, 2021 By Radio Iowa Contributor

Congresswoman Cindy Axne.

Iowa Congresswoman Cindy Axne is sponsoring a bill designed to force big corporations to disclose how many jobs they outsource to other countries and if they’re using so-called tax havens in other countries to avoid paying U.S. taxes.

“In 2017, US corporations booked $32 billion of profits in Bermuda despite having 547 employees there. That’s something like an efficiency rate of $130 million per employee. Come on. I know Iowans are efficient when it comes to work, but that’s crazy,” Axne said. “That’s $32 billion in profits that’s been off-shored — they’re not paying taxes on that.”

Axne’s bill has cleared the U.S. House Financial Services Committee and similar legislation has been introduced in the U.S. Senate. Axne, a Democrat from West Des Moines, said it’s a fairness issue.

“The large, multinational corporations are shifting those profits around and avoiding taxes,” Axne said, “while our Main Street businesses are paying their taxes and they’re struggling to make ends meet.”

If Axne’s bill becomes law, corporations with shareholders would have to publicly disclose details about operations on a country-by-country basis. Axne said it would show how many employees are based outside the U.S. and how much company revenue and profits are being claimed as being earned outside the U.S.

“Once you disclose this, there is an obvious understanding of how much money we’re missing out in taxes because businesses are taking advantage of opportunities that the everyday Iowan, the everyday American doesn’t even know about,” Axne said, “or even have a chance to do.”

Axne’s bill would work in tandem with tax changes the Biden Administration is seeking to reduce the incentives for corporations to shift profits to low-tax countries in order to avoid U.S. corporate taxes.

(By Mike Peterson, KMA, Shenandoah; Radio Iowa’s O. Kay Henderson contributed to this story)

Share this:

  • Facebook
  • Twitter

Filed Under: News, Politics / Govt Tagged With: Cindy Axne, Democratic Party, Taxes

Featured Stories

Governor signs child care expansion into law

Iowa seniors have until July 1 to apply for new property tax break

Smoke from distant fires creates colorful sunrise in Iowa

DOT’s Motor Vehicle Enforcement Division to merge into State Patrol

Iowa’s governor approves liability limits for trucking industry

TwitterFacebook
Tweets by RadioIowa

Iowa names Beth Goetz interim AD

Cyclone Trio Invited to USA Basketball U19 Training Camp

Cameron Young to compete at the John Deere Classic

Radio Iowa/Baseball Coaches Association High School Poll 5/29/23

Iowa AD Gary Barta announces retirement

More Sports

Archives

Copyright © 2023 ยท Learfield News & Ag, LLC