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.
and Oxfam America to discuss the impact that a global agreement on the taxation of multinational companies would have on the U.S. economy.
This is a prime opportunity for climate and tax activists to work together at the domestic and international level to further tax reform to equitably raise funds for domestic and global climate investments, to reduce incentives for pollution offshoring, and to support emission reductions around the world.
Decisions being made by the U.S. Congress in the coming days and weeks about how the U.S. should reform its international corporate tax system will have big consequences for U.S. government revenues and for America’s workers and families.
FACT urges the House Ways & Means Committee to make critical revisions to its draft Committee Tax Plan (the “Plan”) to help curb tax-haven abuse, protect American jobs, and begin to meet the challenge set by the Biden Administration to end the international race to the bottom in corporate tax collections.
The FACT Coalition and Americans for Tax Fairness submitted comments to the Senate Finance Committee in response to its International Taxation Overhaul Discussion Draft.
The Financial Accountability and Corporate Transparency (FACT) Coalition welcomes the discussion draft released today by Senators Wyden, Warner, and Brown on international corporate tax reform. While the draft legislation would curb tax-haven abuse, protect American jobs, and begin to meet the challenge set by the Biden Administration to end the international race to the bottom in corporate tax collections, more can be achieved through the inclusion of additional measures to equalize U.S. foreign and domestic corporate tax rates in the final legislation.
