News Releases

Trump Voids Anti-Corruption Safeguard

President’s Action Likely to Raise Costs on American Businesses, Undermine National Security

WASHINGTON, D.C. — Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement in response to President Donald Trump’s signing of a Congressional Review Act resolution of disapproval (H.J.Res.41) voiding the implementing provisions of the bipartisan Cardin-Lugar anti-corruption safeguard, also known as Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

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Mnuchin’s Offshore Companies Underscore Need to Tackle Tax Havens in Tax Reform

Statement by FACT Deputy Executive Director Clark Gascoigne

WASHINGTON, D.C. – The offshore companies controlled by Treasury Secretary-designate Steven Mnuchin featured prominently in his Senate confirmation hearings held last week in Washington.  It was revealed that the former investment banker managed companies with assets in Anguilla and the Cayman Islands, both widely recognized as tax havens.

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Study Highlights How Rigged Tax Code Hurts Small Business, Middle Class Americans

Multinational Companies Dodging $147 Billion Annually in State and Federal Taxes through Offshore Tax Schemes

WASHINGTON, D.C. – A new report from U.S. PIRG Education Fund finds that multinational companies dodge an estimated $147 billion in federal and state taxes annually through offshore tax haven loopholes.  The report explains the staggering cost to small businesses and individual taxpayers, who are forced to shoulder the increased tax burden.

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New Report: Multinationals Dodging $718bn in U.S. Taxes on Profits Booked Offshore

New Analysis Underscores Need to End Deferral, Boost Transparency of Companies’ Offshore Tax Practices

WASHINGTON, D.C. – The largest American companies have stashed nearly $2.5 trillion in profits offshore allowing them to dodge $718 billion in U.S. taxes, according to a new report released Tuesday by Citizens for Tax Justice (CTJ), the Institute on Taxation and Economic Policy (ITEP), and the U.S. Public Interest Research Group (PIRG) Education Fund—all members of the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

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Groups Push Accounting Body on Multinational Tax Transparency

Broad Alliance Calls for Accounting Standards to Require Country-by-Country Tax Reporting in Comment Letter

WASHINGTON, D.C. – A broad alliance of organizations and coalitions submitted comments to the Financial Accounting Standards Board (FASB) today—urging the body to require multinational companies to be more transparent about their tax practices.  FASB, the private body which sets financial accounting and reporting standards in the United States, has suggested a number of changes to increase the disclosure of foreign tax and income information by companies in their public filings.

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Coalition Welcomes New Tax Transparency Bill

Corporate Transparency and Accountability Act Would Better Inform Investors on Tax Risks Associated with Multinational Companies

WASHINGTON, D.C. – Rep. Mark Pocan (D-WI) today introduced a new bill, which would shine a light on the offshore tax practices of multinational companies.  The Corporate Transparency and Accountability Act of 2016 would require publicly-traded multinational companies to report in their disclosure statements to investors information about revenues, profits, taxes, and certain operations on a country-by-country basis.

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New “Bahamas Leaks” Further Evidence For Ending Anonymous Companies Following “Panama Papers”

U.S. Among the Easiest Places in the World to Open Anonymous Shell Companies to Launder Money

WASHINGTON, D.C. — A new trove of leaked documents published today by the International Consortium of Investigative Journalists (ICIJ)—the group that brought the world the “Panama Papers” in April—continues to demonstrate the harms facilitated by anonymous shell companies.

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Broad Coalition Calls for Greater Disclosure Requirements from the SEC

WASHINGTON, D.C. – Nine groups—the AFL-CIO; Americans for Financial Reform; the Center for American Progress; Ceres; the Financial Accountability & Corporate Transparency, or FACT, Coalition; the International Corporate Accountability Roundtable; Patriotic Millionaires; Public Citizen; and US SIF: The Forum for Sustainable and Responsible Investment—are joining together to urge the U.S. Securities and Exchange Commission, or SEC, to strengthen corporate disclosure requirements.

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