After months of anticipation, Rep. Cynthia Axne (D-IA) and Sen. Chris Van Hollen (D-MD) unveiled the Disclosure of Tax Havens and Offshoring Act last week to a chorus of civil society, small business, and investor support.
The FACT Coalition today welcomed the introduction of the Disclosure of Tax Havens and Offshoring Act in the House and Senate.
The FACT Coalition offered a blueprint to the Biden Administration on how the Treasury Department should draft the rule for a landmark anti-corruption and anti-money laundering law, the Corporate Transparency Act, enacted by Congress in January.
Fast on the heels of the Leaders’ Summit on Climate hosted by the United States last week, the Biden administration will start working in earnest to advance its American Jobs Plan in Congress. Infrastructure investments aimed at combating climate change are at the center of the plan designed to spur emissions-reducing actions, generate economic growth and create jobs.
Over the past month, there has been an unprecedented global focus on corporate tax loopholes and profit shifting amidst reporting that at least 55 of America’s largest corporations paid no federal corporate income taxes at all in 2020. Since the dawn of civil society campaigning for international tax justice, this may be the closest activists have come to ending the era of tax havens and massive tax avoidance and it is increasingly clear to many lawmakers that corporations need to pay their fair share to help pay for COVID recovery programs, infrastructure, and other needs.
The FACT Coalition welcomed the inclusion of increased funding for the Financial Crimes Enforcement Network (FinCEN) in President Biden’s topline FY22 budget request released today.
