News Releases

FACT Statement on Ways and Means Vote

“The House Ways and Means Committee should reject two tax breaks that benefit tax dodging corporations at the “expense of the rest of us. The controlled foreign corporation (CFC) look-through rule and the active financing exception have enabled multinational corporations to avoid U.S taxes by shifting profits to shell companies in tax havens around the globe.

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FACT Urges Chairman Wyden: Don’t Let First Major Action Favor Multinationals

With Senate Finance Committee Chairman Ron Wyden (OR) to begin consideration of renewing the set of expired tax breaks, or “tax extenders,” this week and embarking on the first major action of his chairmanship, the FACT (Financial Accountability and Corporate Transparency) Coalition is urging him to take a stand against multinational corporations that have used some of these extenders to avoid paying taxes and reject these egregious provisions.

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FACT Advocacy Days on Capitol Hill

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.

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Releases of Model for the Automatic Exchange of Financial Information Statement from FACT Coalition Director Nicole Tichon

Following today’s announcement by the OECD (Organization for Economic Co-operation and Development) of the release of their “Standard for Automatic Exchange of Financial Account Information: Common Reporting Standard,” the FACT (Financial Accountability and Corporate Transparency) Coalition released the following statement from its Director, Nicole Tichon:

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FACT and Partners on Baucus International Tax Proposal: “Proposal Falls Short” Says Formal Letter to Committee Cites Three Critical Flaws

The FACT (Financial Accountability and Corporate Transparency) Coalition along with partners from small business, faith, labor and public interest groups submitted a formal response to Chairman Max Baucus (D-MT) and the Senate Finance Committee, calling his proposed changes to the international tax system as falling short “…in three critical ways and leaves room for the offshoring of jobs and profits to continue.”

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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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