FACT’s Executive Director Ian Gary joined Ali-Reza Vahabzadeh of the American Sustainable Business Council and lawmakers from Congress in discussing the Disclosure of Tax Havens and Offshoring Act.
October 6, 1-2pm EDT, 2021
Speakers:
- Chris Van Hollen, US Senator for Maryland
- Harry Stein, Policy Advisor for Chris Van Hollen
- Will Binger, Legislative Assistant for Cindy Axne, US Representative for Iowa
- Ian Gary, Executive Director of The FACT Coalition
- Ali-Reza Vahabzadeh, Vice President, American Sustainable Business Council
FACT Executive Director Ian Gary joined a conversation hosted by the American Sustainable Business Council – Social Venture Circle with Sen. Chris Van Hollen (MD), Rep. Cindy Axne (IA) and business leaders to discuss the Disclosure of Tax Havens and Offshoring Act. Large Multinational Corporations are using a variety of accounting maneuvers to shift billions of dollars in profits into tax haven countries to avoid taxes in the countries where they operate. This practice is creating an uneven playing field, especially for U.S. small businesses. Building on the country-by-country minimum tax in President Biden’s Made in America Tax Plan, the Disclosure of Tax Havens and Offshoring Act complements this key tax reform by directing the U.S. Securities and Exchange Commission (SEC) to mandate public disclosure of country-by-country financial reports by large corporations.
Country-by-country financial reports are vital information for investors to understand the tax structures and potential risks of the corporations in which they invest, especially in light of recent and potential future changes to international corporate tax law. When a corporation sends jobs overseas, their country-by-country financial report would show the extent to which the U.S. tax system is rewarding their behavior. The bill directs the SEC to conform its regulations to existing standards for country-by-country reporting, so this would not impose new recordkeeping burdens.