America loses hundreds of billions of dollars in revenue because major corporations, federal government contractors, and Wall Street insiders fail to pay their fair share of taxes.

In fact, Goldman Sachs paid a 1% tax rate in 2008 due to “changes in geographic earnings mix,” according to its reports. When companies “change the geography” of their earnings, their headquarters or their subsidiaries – the taxpayers lose.

The special interest lobbies against reforms have been very vocal about preserving the status quo. Please see our new report “Who’s Slowing the Pace of Tax Reform?” for information about some of the corporations associated with stalling the effort.

There are several pieces of legislation on this topic before Congress right now, including the potential to couple tax reforms with healthcare reform. The House Ways and Means Chairman Charles Rangel and Senate Finance Committee Chair Max Baucus have introduced their version of international tax reform, with the first hearing on the bill in the coming weeks. Our tax and budget reform advocate will weigh in on this bill in written testimony for the hearing.