Policy Analysis

Letter Opposing Senate Tax Cuts and Jobs Act (TCJA)

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the Senate opposing the Tax Cuts and Jobs Act, as it would create significant new tax incentives to move U.S jobs, profits, and operations overseas, while exploding the deficit.

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Letter to Sens. Grassley and Feinstein Supporting S.1241

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dianne Feinstein in support of the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 (S.1241).  The full letter can be read below or downloaded here.

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FACT Sheet: Offshore Tax Haven Abuse by the Numbers (November 2017)

$129 billion to $205 billion: Amount that U.S. taxpayers lose in federal revenue to offshore tax haven abuse each year.

  • $94 billion to $135 billion: Lost U.S. revenue from offshore profit shifting by multinational corporations annually.[i]
  • $35 billion to $70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.[ii], [iii]
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FACT Sheet: Offshore Tax Haven Abuse (November 2017)

Middle-Class Taxpayers and Domestic Businesses Foot the Bill for Offshore Tax Loopholes

Many Large U.S.-Based Multinationals Avoid Paying U.S. Taxes by Using Accounting Tricks to Make Profits Made in America Appear to Be Generated in Offshore Tax Havens—Countries with Minimal or No Taxes.

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FACT Sheet: Public Country-by-Country Reporting

Boosting Tax Transparency to Guard Investors, Protect Taxpayers, and Inform Policymakers

Disclosing more information on where companies book profits, record revenues, and pay taxes would protect taxpayers by discouraging abusive tax avoidance schemes; protect shareholders by providing them with information about the risks associated with their investments; and inform policymakers as Congress considers overhauling the U.S. tax code.

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FACT Sheet: Use of Anonymous Companies Cause Widespread Harm

The conversation about the dangers of anonymous companies has largely focused on corrupt foreign leaders and threats to national security, human trafficking, and disruption to business. Additional harms include bidding up prices that fuel the loss of affordable housing, environmental degradation, and tax evasion.

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Countering International Money Laundering

Worldwide anti-money laundering efforts are currently just a decimal point away from total failure, according to this August 2017 report published by the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

Authored by former Treasury Special Agent John Cassara, an internationally renown expert on financial crime, the study details the near failure of current efforts to combat money laundering and the rationale for comprehensive reform.

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FACT Sheet: Business Case for Ending Anonymous Companies

Anonymous companies are behind just about every financial crime.  They are the vehicle of choice for laundering money obtained through illicit activity.  Schemes involving terror financing and the trafficking of drugs, illegal weapons, and humans all use anonymous companies to move money, fund operations, and allow bad actors to escape with the proceeds of their crimes and impunity.

The pervasive use of secret shell companies has also begun to impact the broader economy.  As such, more and more businesses are speaking out.

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