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Concurrent Resolution on the Budget for Fiscal Year 2014

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. McCAIN. Mr. President, for years many of the largest U.S. multinational corporations have been exploiting offshore tax haven loopholes in the U.S. Tax Code to avoid paying billions in U.S. corporate income tax.

According to a recent Bloomberg report analyzing publicly available U.S. corporate financial data, ``Eighty-three U.S. companies have stockpiled $1.43 trillion in untaxed profits in foreign countries.'' According to the same report, ``THE six biggest U.S. drug-makers avoided paying $7.05 billion in U.S. taxes last year by shifting their profits overseas,'' nearly doubling ``the amount they saved using the same strategy 10 years earlier.''

It is time for Congress to close the special interest loopholes that allow sophisticated multinational corporations to defer U.S. income tax through various foreign tax sheltering techniques and offshore tax havens. Senator Levin's amendment No. 430 supports legislation to end the abuse of offshore tax shelters. I am cosponsoring this amendment to begin the process of closing the egregious loopholes.

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