FOR IMMEDIATE RELEASE
April 28, 2014
FACT Urges House Ways & Means Committee to Let Sleeping Tax Extenders Lie
Statement from FACT Communications Director Nick Jacobs
The FACT (Financial Accountability and Corporate Transparency) Coalition issued the following statement from Communications Director Nick Jacobs in anticipation of a vote on Tuesday in the House Ways and Means Committee to revive and make permanent several tax breaks that benefit corporations, all of which had expired at the end of last year:
“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.”
“Having already let these tax breaks expire, Congress ought to let sleeping breaks lie.”
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.