Important Steps to Fix the Gaming of the Corporate Tax System
A common theme from both Democrats and Republicans in the recent election was the increasing problem that multinational companies are moving money and jobs offshore. These practices are encouraged by loopholes in the tax code, which encourage companies to move. These loopholes should be closed.
The FACT Coalition sent this memo to the Trump-Pence Presidential Transition Team regarding actions to combat terror financing; criminal money laundering; and waste, fraud, and abuse in government contracting.
The FACT Coalition joined 24 other organizations in sending a letter to the U.S. House of Representatives Committee on Oversight and Government Reform on October 28, 2016. The letter calls upon Congress to urge the Administration to begin exploring alternatives for how contractors are identified without delay, to adopt a contractor identifier that is a non-proprietary, open system and that includes the collection and publication of beneficial ownership information.
The FACT Coalition filed a comment on October 3, 2016 with the U.S. Securities and Exchange Commission (SEC) cautioning the agency against proceeding with a rule to reduce disclosure to investors and urging the SEC to instead boost transparency through public country-by-country reporting.
Up to $180 billion: The amount that the U.S. loses in tax revenue to offshore tax haven abuse each year.
$111 billion: Lost U.S. revenue from profit shifting by multinational corporations annually.
$40-70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.
Average Taxpayers and Small Business Owners Foot the Bill for Offshore Tax Loopholes
Many Large U.S.-Based Multinationals Avoid Paying U.S. Taxes by Using Accounting Tricks to Make Profits Made in America Appear to Be Generated in Offshore Tax Havens—Countries with Minimal or No Taxes.
