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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.

The Tax (Avoidance) Day is Approaching

On Tuesday, Americans Will Pay More in Taxes Because One Group Shirks its Civic Responsibility: Multinational Companies
Though they probably don’t all agree on every detail, most Americans see paying taxes as a civic duty.  Even so, it’s unlikely very many enjoy the paperwork and stress involved with Tuesday’s looming tax deadline. With few days left to go, millions of Americans are sitting down to get everything just right, and make sure they are paying what they owe—and not a penny more.

Wanting to minimize your tax liability is not unreasonable. Less reasonable is spending billions lobbying congress to create loopholes to be exploited in order to avoid nearly all of the taxes you would have otherwise been required to pay.  Playing within the rules to reduce liability is one thing, but actively changing the rules of the game to eliminate liability altogether — while middle-class Americans and small businesses pay full fair — is objectively unfair.

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New Bill Ends Offshoring — Offering Sensible Tax Reform Template

The Tax Fairness and Transparency Act Puts Domestic Businesses and Middle-Class Taxpayers First
WASHINGTON, D.C. – New legislation introduced Thursday by Rep. Mark Pocan (D-WI) takes aim at the biggest offshore tax avoidance loopholes, offering a sensible template for tax reform, according to the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

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FACT Sheet: Stop Tax Haven Abuse Act of 2017

Tax haven abuse undermines the fairness of our tax code. By shifting profits to offshore tax havens, multinational corporations avoid over $100 billion in taxes each year. Wealthy individuals evade an estimated $40 to $70 billion. The Stop Tax Haven Abuse Act of 2017 (S. 851/H.R. 1932) will close many of the loopholes that allow multinational companies and the wealthy to play by a different set of rules than the rest of us.

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New Bills Take Aim at Offshore Tax Haven Abuse

Stop Tax Haven Abuse Act and Corporate EXIT Fairness Act Would Close Many of the Most Egregious Offshore Loopholes
WASHINGTON, D.C. – Congressional lawmakers introduced two measures Wednesday to close a number of offshore tax haven loopholes in a move welcomed by the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

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