On August 16, President Biden signed the Inflation Reduction Act (IRA) into law. The IRA, among other things, creates a corporate alternative minimum tax (CAMT) that applies a 15 percent minimum tax on the largest corporations worldwide, aggregate “book” income, adjusted for certain identified tax preferences.
On August 8, the FACT Coalition applauded the inclusion of crucial investments in the Internal Revenue Service (IRS), and specific measures to combat tax dodging by multinational corporations in the Inflation Reduction Act of 2022, which the Senate enacted over the weekend.
This new appropriations budget represents a 31 percent increase in FinCEN’s budget over FY2022 enacted levels and meets the amount requested by the Biden Administration in the President’s discretionary budget request earlier this year.
The United States could be moving one step closer to freedom from its role as an enabler of global kleptocracy. Two weeks ago, lawmakers in the House Armed Services Committee voted to include the ENABLERS Act in this year’s National Defense Authorization Act (NDAA). The bipartisan reforms in the Act would enlist certain professional service providers – the financial gatekeepers on the front lines of the U.S.’ anti-money laundering defense – into the fight against kleptocracy by instituting common sense procedures to detect, flag, and prevent the laundering of corrupt and criminal funds.
Bad actors beware – it’s #KleptoMonth again in Washington, D.C. In their announcement last Friday, the bipartisan leadership of the Congressional Caucus against Foreign Corruption and Kleptocracy (CAFCAK) joined dozens of civil society activists, the FACT Coalition among them, in calling for the rest of Congress to take action.
On May 25, Amazon shareholders representing $144 billion backed a shareholder proposal calling for increased tax transparency by the company at its annual general meeting. The proposal represents a first of its kind campaign by investors to advance a vote on public country-by-country reporting.
