With the Senate set to take up consideration of a package of over 50 tax breaks, the FACT (Financial Accountability and Corporate Transparency) Coalition is reminding the American people of two of the more egregious breaks included in the bill and of their impact on this country.
FACT and a number of other organizations sent the attached letter to Senators in May 2014 regarding the tax extenders.
“The House Ways and Means Committee should reject two tax breaks that benefit tax dodging corporations at the “expense of the rest of us. The controlled foreign corporation (CFC) look-through rule and the active financing exception have enabled multinational corporations to avoid U.S taxes by shifting profits to shell companies in tax havens around the globe.
Anonymous shell companies threaten U.S. security on many fronts. Requiring the disclosure of beneficial ownership information addresses the problem.
Phantom firms can open bank accounts, wire money, buy property, and transact business like any other company, making them an attractive method for hiding, moving, and using money or other assets. As a result, phantom firms are often misused for a multitude of illegal or unethical activities.
Faith leaders, small business owners, activists, and others will be fanning out across Capitol Hill to tell lawmakers in both chambers and in both parties of the impact that offshore tax haven abuse and the use of anonymous shell companies are having on communities as the FACT (Financial Accountability and Corporate Transparency) Coalition kicks off its Advocacy Days.
