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.
The FACT Coalition and a broad alliance of other organizations and coalitions submitted comments to the Financial Accounting Standards Board (FASB)—urging the body to require multinational companies to be more transparent about their tax practices.
The FACT Coalition sent a letter to Rep. Mark Pocan (D-WI) and the leaders of the U.S. House of Representatives Financial Services Committee in support of the Corporate Transparency and Accountability Act of 2016 (H.R.6126).
September 20, 2016 | 9:30am ET – 11:00am ET
Please join the Center for American Progress Action Fund, the AFL-CIO, Americans for Financial Reform, Ceres, the Financial Accountability & Corporate Transparency Coalition, the International Corporate Accountability Roundtable, the Patriotic Millionaires, Public Citizen, and US SIF: The Forum for Sustainable and Responsible Investment for a discussion on transparency, long-termism, and the state of SEC corporate disclosures.
