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.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Senator Orrin Hatch, chair of the Senate Committee on Finance, with recommendations on how to improve the American tax system. The full letter can be read below or downloaded here.
Speaker Paul Ryan gave a speech on tax reform before the National Association of Manufacturers. In the speech, he restated his position that corporate tax cuts will create jobs and that the United States should move to a territorial tax system.
Tell me if you’ve heard this before: Nations from around the world gathered in Paris to sign a multilateral agreement that had been negotiated over several years with the U.S. as a leading partner. In the end, the U.S. was conspicuously absent from the ceremony and did not sign onto the final agreement.
I, of course, am referring to an effort to combat aggressive corporate tax avoidance and address the wealth-draining concerns over the growth of tax havens. See FACT’s statement on the event. The agreement was a part of the multilateral initiative on Base Erosion and Profit Shifting (BEPS) negotiated through the Organization for Economic Cooperation and Development (OECD). Over seventy countries moved forward with an agreement to combat tax avoidance by amending bilateral tax treaties.
“U.S. Administration Chose to Double Down on Its Abdication of American Leadership.”
WASHINGTON, D.C. – Just one week after pulling out of the Paris Agreement to combat climate change, the U.S. administration has chosen to back away from yet another international convention — this one to combat abusive tax avoidance. Coincidentally, the tax agreement was also negotiated and signed in Paris — at the headquarters of the Organization for Economic Co-operation and Development (OECD).
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Rep. Lloyd Doggett supporting H.R. 1931 which would help to curb corporate inversions. The full letter can be read below or downloaded here.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Rep. Mark Pocan supporting H.R. 2057 which should serve as a template for positive tax reform. The full letter can be read below or downloaded here.
