Spring-boarding off the report, Sens. Bernie Sanders (I-Vt.) and Brian Schatz (D-Hawaii) on Thursday introduced a bill in the Senate to eliminate tax breaks that encourage corporations to shift jobs and profits offshore and tax the $2.4 trillion that American firms currently hold in such tax havens at the full corporate rate of 35 percent. Rep. Jan Schakowsky (D-Ill.) introduced a companion bill in the House.

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“Instead of giving a $550 billion tax break to corporate tax dodgers as President Trump has proposed,” Sanders said in a statement, “our legislation will raise at least $1 trillion in new revenue over the next decade.”

And while such reforms as the ones laid out in the lawmakers’ Corporate Tax Dodging Prevention Act (pdf) are the ones that would actually make the U.S. tax code fairer, ITEP’s Gardner expressed his fear that “when Congress engages on tax reform later this year, our leaders will prioritize damaging cuts in corporate tax rates while giving short shrift to needed loophole-closing reforms.”

“[T]hese priorities are backwards,” he said. “The starting point should be ending harmful corporate giveaways and requiring all profitable corporations to pay their fair share.”

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