Today, the United States was ranked the most secretive financial jurisdiction in the world, according to the 2022 Financial Secrecy Index (FSI).
The FACT Coalition welcomed international and administrative tax reforms in the President’s proposed 2023 Budget that would continue the Administration’s efforts to discourage tax dodging by multinational corporations, and once again make the U.S. a leader in global tax transparency.
FACT Government Affairs Director Erica Hanichak spoke before the Ways and Means Oversight Subcommittee in a hearing on the Pandora Papers. In her oral testimony, she stressed that Congress must fulfill its role in denying financial safe haven to tax evaders, drug traffickers, human rights abusers, kleptocrats, terror financiers, and sanctions dodgers.
The past week’s revelations through the “Pandora Papers” – the largest exposé to-date of how global politicians, business leaders, celebrities, and multinational companies use and abuse the “offshore” financial system – are both shocking and surprisingly familiar.
Following last month’s historic agreement on a 15 percent global minimum tax rate at the G7 Finance Ministers meeting, a groundbreaking 130 countries came together to support the Organization for Economic Cooperation and Development (OECD)’s Inclusive Framework, in another sign of accelerating progress on global taxation reform.
After months of anticipation, Rep. Cynthia Axne (D-IA) and Sen. Chris Van Hollen (D-MD) unveiled the Disclosure of Tax Havens and Offshoring Act last week to a chorus of civil society, small business, and investor support.