Take Action Donate

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.

Lawmakers Should Oppose Delaney’s Two Tax Giveaways

“Partnership to Build America Act” and the “Infrastructure 2.0 Act” Would Exacerbate Offshore Tax Haven Abuse
The FACT Coalition sent two letters up to House lawmakers this week opposing a couple of egregious tax giveaways that are expected to be re-introduced by Rep. John Delaney (D-MD) in the near future.

Titled the “Partnership to Build America Act” and the “Infrastructure 2.0 Act”, both measures seek to offer multinational tax avoiders a reward under the premise that the measures might raise some revenue for infrastructure funding.  The question is: at what cost?

Read More

Mnuchin’s Offshore Companies Underscore Need to Tackle Tax Havens in Tax Reform

Statement by FACT Deputy Executive Director Clark Gascoigne
WASHINGTON, D.C. – The offshore companies controlled by Treasury Secretary-designate Steven Mnuchin featured prominently in his Senate confirmation hearings held last week in Washington.  It was revealed that the former investment banker managed companies with assets in Anguilla and the Cayman Islands, both widely recognized as tax havens.

Read More

Briefing Memo: Tax Reform

Important Steps to Fix the Gaming of the Corporate Tax System
A common theme from both Democrats and Republicans in the recent election was the increasing problem that multinational companies are moving money and jobs offshore. These practices are encouraged by loopholes in the tax code, which encourage companies to move. These loopholes should be closed.

Read More

Tax Haven Abuse: The Burden of the Middle Class

On Tax Reform, Congressional Leaders Propose Widening Loopholes for Multinationals at Expense of Domestic Businesses and Middle Class Taxpayers
Much of the analysis of the 2016 election reflects on a middle class that feels overburdened.  While the economy has certainly improved since the recession, one thing has gotten worse that may be partially to blame—offshore tax haven abuse.  A new report from U.S. PIRG Education Fund finds that multinational companies dodge an estimated $147 billion in federal and state taxes annually through offshore tax haven loopholes, shifting that burden instead onto small businesses and individual taxpayers.  Titled “Picking Up the Tab 2016: Small Businesses Bear the Burden for Offshore Tax Havens,” the study estimates that each small business, on average, owes $5,186 more on its annual tax bill to collectively make up for the federal and state corporate tax revenue lost to offshore tax havens.

Read More