FOR IMMEDIATE RELEASE
September 23, 2014
FACT Issues Response to Treasury Actions to Limit Corporate Inversions
Washington, DC – The FACT (Financial Accountability and Corporate Transparency) Coalition today issued the following responses on the new actions announced by the Treasury Department to limit corporate inversions.
A fact sheet on the substance of Treasury’s announcement can be found here.
Nicole Tichon, Senior Advisor, FACT Coalition:
“We are pleased to see that this critical issue is getting the attention of the Administration, but more needs to be done. Corporate tax dodgers who game the system have had a free pass for too long. We can’t afford the current system, and we need to permanently change the law to make real progress.”
Jaimie Woo, Tax and Budget Associate for U.S. PIRG, a member of the FACT Steering Committee:
“Treasury’s proposal is a strong first step towards closing the loopholes that allow corporations to avoid their tax bill by inverting. Butnow the ball is in Congress’s court — in order to stop the use of inversions to avoid taxes, our representatives should waste no time in passing legislation that will fix the problem once and for all.”
Recent Inversion Wave Brings on Slew of Outrage — What’s Next?, Huffington Post, Jaimie Woo.
In The Public Interest: Why Do We Let Companies Abandon Ship on Taxes?, Huffington Post, Nicole Tichon.
Founded in 2011, the Financial Accountability and Corporate Transparency (FACT) Coalition unites civil society representatives from small business, labor, government watchdog, faith-based, human rights, anti-corruption, public-interest, and international development organizations. We seek an honest and fair corporate tax code, greater transparency in corporate ownership and operations, and commonsense policies to combat the facilitation of money laundering and other criminal activity by the legitimate financial system.