Cindy Axne: “I thank Chairwoman Waters for putting together such an important set of corporate governance reforms, one that…”

“I thank Chairwoman Waters for putting together such an important set of corporate governance reforms, one that absolutely supports investors in this country, like our teachers who are involved in institutional investment for their safety and a dignified retirement. Mr. Speaker, this package will absolutely give everyone more information about how companies are investing for the long term, and that includes my bill, the Disclosure of Tax Havens and Offshoring Act. Last year, 55 profitable U.S. corporations paid no Federal corporate income taxes. Let me repeat that. Last year, 55 profitable U.S. corporations paid no corporate income taxes--I can tell you, that is not what happened on Main Street back in my district in Iowa. They paid their taxes--and many more paid far below the statutory rate of 21 percent. It is not hard to see why this happens. In 2018, U.S. multinationals booked hundreds of billions of dollars of tax havens where they basically paid no taxes, including $100 billion alone in Bermuda. This costs the U.S. more than $50 billion per year in taxes. And beyond the damage that that does, which is extensive, it hurts all of the businesses who are doing the right thing, those that are on Main Street in all of our communities, including many small businesses across this country who don't have a subsidiary in Barbados just to avoid taxes.…”