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.
FACT Coalition Statement on Corporate Tax Dodging Prevention Act
WASHINGTON, D.C. – Legislation introduced by Sen. Bernie Sanders (I-VT), Sen. Brian Schatz (D-HI), and Rep. Jan Schakowsky (D-IL) Thursday takes aim at offshore tax avoidance by closing a number of loopholes in the tax code.
At an event discussing the prospects for tax reform at the Urban-Brookings Tax Policy Center, Alan Auerbach, the architect of the GOP tax reform proposal, admits three major flaws with the plan.
In recent weeks, the Republican congressional leadership’s effort to introduce a comprehensive tax reform bill has increasingly faced opposition from major business groups and skeptical lawmakers from across the aisle. The primary source of dissent thus far is that the most prominent tax framework, the House GOP’s “Better Way” tax blueprint, contains a radical provision to apply a border adjustment to pay for a cut in the rate from 35 to 20 percent.
A new report from the Institute on Taxation and Economic Policy (ITEP) released today finds that this border adjustment tax would be regressive and loophole-ridden and would likely violate international trade agreements.
Statement by the FACT Coalition on ITEP Study
WASHINGTON, D.C. – A new report published Wednesday by the Institute on Taxation and Economic Policy (ITEP) explains—among other things—how the House tax plan fails to curtail tax avoidance, contrary to the conventional wisdom in Washington.
The FACT Coalition sent a letter to House lawmakers Friday urging them to oppose H.J.Res.54, a controversial measure which would repeal an important safeguard against offshore tax haven abuse—specifically, the practice of earnings stripping.
The FACT Coalition sent a letter to House lawmakers Tuesday urging them to oppose the “Partnership to Build America Act,” or similar successor legislation, which is expected to be re-introduced by Rep. John Delaney (D-MD) in the near future.
