News Releases

FACT Applauds Legislation To Close Most Abused Corporate Tax Loopholes

The FACT (Financial Accountability and Corporate Transparency) Coalition today praised Representative Lloyd Doggett (D-TX) and Representative Rosa DeLauro (D-CT) for the introduction of the Sequester Delay and Stop Tax Haven Abuse Act. Among other things, this legislation would close or tighten tax loopholes that have been used by some of the most profitable multinational corporations – Apple, Hewlett-Packard, Microsoft and Nike – to avoid paying their fair share of taxes. Some tax loopholes allow corporations to use complex accounting schemes to make it appear that profits earned in the United States are actually generated in other countries, often a tax haven with little or no tax on profits.

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Baucus Tax Reform Proposal Takes Aim at Offshore Loopholes, Leaves Big Questions Unanswered

While citing progress in terms of closing offshore tax loopholes, the Financial Accountability and Corporate Transparency (FACT) coalition believes that the tax reform discussion draft introduced by Senate Finance Committee Chairman Max Baucus falls short when it comes to permanently ending incentives for America’s biggest multinational corporations to shift jobs and profits offshore. The coalition found the proposal to lack some critical details.

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2013 Financial Secrecy Index Released U.S. Still a Top Offender

Despite the damage that shadow banking and financial secrecy has caused to global markets and local budgets today’s release by the Tax Justice Network (TJN) of their 2013 Financial Secrecy Index ranking the world’s nations by their financial concealment shows a global financial network still remains hidden in the shadows. The FACT (Financial Accountability and Corporate Transparency) Coalition sees many opportunities for the U.S. to not only take action on this issue, but also in the process bring in new revenue to alleviate some of the constraints imposed under sequestration.

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FACT Coalition to U.S. Government: Time to End Phantom Firms UK Announces Public Registry of Corporate Ownership

Today’s commitment from the Prime Minister of the United Kingdom to make a registry of the actual owners of corporations publicly available represents significant progress toward cracking down on anonymous companies polluting the globe. Because the United States is a prime destination for setting up anonymous companies that are used to facilitate crime and move dirty money, members of the FACT (Financial Accountability and Corporate Transparency) Coalition urge the U.S. to follow through on its G8 commitment to collect information about the ultimate owners of companies. The coalition encourages the U.S. to join the UK by pledging to make this information available to the public.

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