FOR IMMEDIATE RELEASE
July 29, 2014
FACT Statement on No Federal Contracts for Corporate Deserters Act
New Bill to Curb Corporate Tax Dodging
Washington, DC – The FACT (Financial Accountability and Corporate Transparency) Coalition today released the following statement on the introduction of the No Federal Contracts for Corporate Deserters Act by Sens. Richard Durbin (D-IL) and Carl Levin (D-MI). Reps. Rosa DeLauro (D-CT) and Lloyd Doggett (D-TX) introduced a similar bill in the House. The statement is from Executive Director Nicole Tichon:
“As more and more companies are exploiting a loophole that lets them avoid taxes by changing their corporate address to a foreign country for tax purposes, this bill attacks the problem from a different angle. No longer can a company expect to do business with the federal government, and by extension, derive some of its profits from taxes paid by individual taxpayers, small businesses, and domestic companies. More broadly, this bill sends a message that American companies ought to put America, not Bermuda, first.”
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.