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Close Tax Loopholes

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.

First Gambit in Tax Reform Debate a Threat to Taxpayers

A Recent Executive Order Threatens to Roll Back Safeguards against Offshore Tax Avoidance
The tax reform battle in Congress is looking to be a long, hard-fought one, but the president’s recent executive order shows that there may be no need to wait to start giving huge tax breaks to corporate giants.

The executive order, signed late last month, calls on the Treasury Department to review all “significant” tax regulations issued on or after January 1, 2016. Included in this window are rules curtailing earnings stripping and corporate inversions for the purpose of tax avoidance.

 

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The Trump Administration Should Not Reopen Offshore Loopholes Closed by Recent Regulations

A new executive order signed by President Donald Trump on Friday asks that Treasury Secretary Steven Mnuchin review significant tax regulations issued in 2016. The broader context of the order is that President Trump is seeking to roll back regulations across the government – many of which he claims are overly burdensome – and could potentially target critical Treasury regulations such as two recent rules curbing corporate inversions. Any attempt to reopen tax loopholes closed by recent regulations would be counterproductive to the goal of creating a fair tax system and should be rejected.

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Tax Plan Would Accelerate Offshore Tax Dodging

Statement by FACT Coalition on White House’s Tax Reform Outline
The Administration released an outline today of its plan to reform the corporate tax code.  The signature reform is a reduction of the corporate tax rate from 35% to 15%.

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Tax Day for You, Tax Holiday for Multinationals

State Legislators are Increasingly Stepping in to Combat Offshore Tax Haven Abuse
It’s Tax Day. Odds are, you’ve already filed your taxes. Maybe you filed through a tax filing software, or maybe you hired an accountant to help you puzzle through the deductions you might be eligible for. Or, maybe you filed yourself, old-school-style, filling out your 1040 in your kitchen. Or, maybe you forgot, and this blog will serve as a last-second reminder—go file your taxes!

All of this is to say: you’ve fulfilled your tax responsibilities.  No doubt, the biggest corporations have filed theirs’s too.   But, unlike you, they have an army of accountants to ensure they take advantage of every last loophole and gimmick to cut down on their tax liability to near nothing.

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On Tax Day, Tax Haven Lobby Advocating for Tax Cheats

Congress Should Reject Tax Haven Lobby’s Push to Repeal FATCA Transparency Measure
WASHINGTON, D.C. – As millions of Americans head to the post office today — this year’s deadline for filing individual tax returns — there is a stepped-up effort to make it easier for some to illegally evade paying their taxes.

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Big-League Tax Dodging

The U.S.’s top 50 public corporations have $1.6 trillion stashed offshore, and current tax reform proposals by President Trump and Congressional leadership will only make the problem worse.
This week, millions of Americans are filing their tax returns and mailing Uncle Sam a check.   At the same time, the 50 biggest public companies in the U.S., including Pfizer, Goldman Sachs, GE, Chevron, Walmart, and Apple, are avoiding taxes while their huge pile of offshore cash grows.

In a new report called “Rigged Reform” Oxfam used corporate financial, lobbying, and investor disclosures to reveal that the 50 largest U.S. companies used an opaque and secretive network of at least 1,751 subsidiaries in tax havens to avoid paying their fair share of taxes.

Resisting calls to “drain the swamp,” these companies sink deep in the DC muck and mire—with eye-popping results.  The report, which updates Oxfam’s analysis from our “Broken at the Top” report last year, reveals that since 2009, these 50 companies alone have spent $2.5 billion in federal lobbying—almost $50 million for every member of Congress.  Oxfam estimates that for every $1 these companies spent lobbying on tax issues, they received an estimated $1,200 in tax breaks.

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