Tax evasion from wealthy individuals using a variety of offshore schemes, including hiding assets in foreign bank accounts, robs U.S. taxpayers of tens of billions of dollars per year — and the costs for developing countries are even worse. A growing global norm in favor of transparency can ensure that all are held equally accountable for paying the taxes they owe.
The FACT (Financial Accountability and Corporate Transparency) Coalition today welcomed the introduction by Senator Sheldon Whitehouse (D-RI) and Rep. Lloyd Doggett (D-TX) of the Stop Tax Haven Abuse Act, which would close a number of loopholes used by corporations and wealthy individuals to avoid taxes.
In recognition of its efforts on corporate issues, the Financial Accountability and Corporate Transparency (FACT) Coalition was awarded the Arca Foundation’s Smith Bagley Memorial Grant.
As the Foreign Account Tax Compliance Act (FATCA) takes effect, the FACT (Financial Accountability and Corporate Transparency) Coalition is welcoming its implementation and with it a new era in combatting offshore tax evasion.
Faith leaders, small business owners, activists, and others will be fanning out across Capitol Hill to tell lawmakers in both chambers and in both parties of the impact that offshore tax haven abuse and the use of anonymous shell companies are having on communities as the FACT (Financial Accountability and Corporate Transparency) Coalition kicks off its Advocacy Days.
Senator Carl Levin speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
David Boris, Owner of Hel’s Kitchen Catering in Northbrook, IL., speaks during the FACT Coalition’s 2014 Advocacy Days in Washington, DC.
