Press

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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Free Enterprise Is Not Free

By Nicole Tichon

There’s been a lot of talk about what we can’t afford as a nation and who is getting what “gift” or which free ride. When President Obama met with CEOs and chatted with Jamie Dimon over the weekend, we should hope he issued a stern warning that the tax avoidance games (legally) played by big banks and multinational corporations are on the chopping block. When it comes to cutting, eliminating and restructuring things, these loopholes should be top-of-mind for all leaders.

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Foreign Depositors Rule Is Welcome

By Nicole Tichon

To the Editor:

Regarding “Florida bankers object to disclosing identities of foreign depositors,” OrlandoSentinel.com, April 18: The Florida Bankers Association, U.S. Sen. Marco Rubio and U.S. Rep. Bill Posey are off base in their reactions to the new Treasury Department rule requiring banks to report information to the Internal Revenue Service on deposit accounts held by foreigners. They already are required to do this for accounts held by U.S. citizens, U.S. residents and Canadians.

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