There is widespread agreement, across the political spectrum, that the gaming of the tax code by multinational corporations is a problem. When profits and jobs are shipped offshore, we not only harm the U.S. economy, we fuel a tax haven industry that drains wealth around the world. We seek to fix the problem of large, well-connected interests gaming the tax system.
Microsoft’s new financial disclosures demonstrate the catch-22 facing policymakers interested in taxing AI: massive investment in the sector is lowering tax collected today, and even when the technology becomes profitable loose international tax rules mean the U.S. might not get much new revenue.
In this month’s edition of Just the FACTs, Erica Hanichak and Zorka Milin are named FACT co-directors, Microsoft and other major multinationals release their first EU international tax reports, Julia Yansura contributes to hard-hitting reporting on Ecuadorian gold, and more.
Read the farewell blog from outgoing FACT executive director Ian Gary, who reflects on his decades-long career in international social justice advocacy, and looks toward a brighter future where democracy is better able to deliver for people and hold powerful actors accountable.
FACT is pleased to announce the appointment of Zorka Milin and Erica Hanichak as co-directors following the departure of executive director Ian Gary.
In a new blog, FACT’s Thomas Georges and Evan Dymond argue that lawmakers must pursue revenue-raising corporate tax reforms if they are serious about tackling the nation’s fiscal crisis.
Read FACT policy director Zorka Milin’s full testimony from the April 21 Congressional Progressive Caucus shadow hearing, “Visions of an Affordable Life: Taxing Corporate Greed”.
