This is a prime opportunity for climate and tax activists to work together at the domestic and international level to further tax reform to equitably raise funds for domestic and global climate investments, to reduce incentives for pollution offshoring, and to support emission reductions around the world.
The past week’s revelations through the “Pandora Papers” – the largest exposé to-date of how global politicians, business leaders, celebrities, and multinational companies use and abuse the “offshore” financial system – are both shocking and surprisingly familiar.
The OECD two-pillar approach represents a historic opportunity to address global challenges. Serious equity concerns persist around the process and the current framework, though. Without an equitable final framework, it is hard to imagine that any agreement will be sustainable, as per G-24 warnings.
The Treasury Department, in parallel with state and municipal actors, should implement permanent reforms to pull back the veil on the anonymous purchase of U.S. real estate to fight money laundering and corruption and, as a result, cultivate fairer housing markets here at home..
Decisions being made by the U.S. Congress in the coming days and weeks about how the U.S. should reform its international corporate tax system will have big consequences for U.S. government revenues and for America’s workers and families.
With the Senate finalizing its bipartisan infrastructure deal and a $3.5 trillion budget resolution well on its way to a vote, it is nearly reconciliation season in Washington. The combined legislative package, which tracks closely to President Biden’s Build Back Better agenda, has received high marks from analysts for its ability to generate long-term economic growth by funding long overdue investments in hard and human infrastructure.
