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FACT Sent Comments to Congress on Proposed Senate Finance International Tax Plan
FACT sends comments to Congress in response to the Senate Finance Committee’s proposed international tax recommendations.
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 sends comments to Congress in response to the Senate Finance Committee’s proposed international tax recommendations.
Fast on the heels of the Leaders’ Summit on Climate hosted by the United States last week, the Biden administration will start working in earnest to advance its American Jobs Plan in Congress. Infrastructure investments aimed at combating climate change are at the center of the plan designed to spur emissions-reducing actions, generate economic growth and create jobs.
US multinational corporations currently pay little to no US tax on their foreign profits, which incentivizes these companies to shift profits and real operations to tax havens.
Over the past month, there has been an unprecedented global focus on corporate tax loopholes and profit shifting amidst reporting that at least 55 of America’s largest corporations paid no federal corporate income taxes at all in 2020. Since the dawn of civil society campaigning for international tax justice, this may be the closest activists have come to ending the era of tax havens and massive tax avoidance and it is increasingly clear to many lawmakers that corporations need to pay their fair share to help pay for COVID recovery programs, infrastructure, and other needs.
FACT sent comments to Congress on Hearing on International Corporate Tax Policies such as GILTI, BEAT, and FDII
These past few weeks have seen “explosive” momentum in the movement for tax transparency. The United Nations High-Level Panel on International Financial Accountability, Transparency and Integrity for Achieving the 2030 Agenda (FACTI Panel) published their report in late February, recommending a broad slate of much-needed global reforms including public country-by-country reporting (PCbCR) of taxes and other financial information by multinational companies. This year, the Global Reporting Initiative put into effect the first global voluntary standard on public country-by-country tax reporting. The standard, known as GRI 207, has already attracted early support from Philips, Orsted, Alliance, and Newmont.