FACT Coalition Statement on Corporate Tax Dodging Prevention Act
WASHINGTON, D.C. – Legislation introduced by Sen. Bernie Sanders (I-VT), Sen. Brian Schatz (D-HI), and Rep. Jan Schakowsky (D-IL) Thursday takes aim at offshore tax avoidance by closing a number of loopholes in the tax code.
At an event discussing the prospects for tax reform at the Urban-Brookings Tax Policy Center, Alan Auerbach, the architect of the GOP tax reform proposal, admits three major flaws with the plan.
Statement by the FACT Coalition on Treasury’s Decision to Renew Geographic Targeting Orders to Identify Buyers in Luxury Real Estate
WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Treasury Department, announced that it was renewing its temporary orders seeking to uncover illicit activity in the luxury real estate sector.
Statement by the FACT Coalition on ITEP Study
WASHINGTON, D.C. – A new report published Wednesday by the Institute on Taxation and Economic Policy (ITEP) explains—among other things—how the House tax plan fails to curtail tax avoidance, contrary to the conventional wisdom in Washington.
Somewhere on a long list of plagues caused by corruption is terrorism. Yet, congress and the president just used a controversial resolution to void an important bi-partisan anti-corruption safeguard, known as Cardin-Lugar. The provision—sponsored by former Sen. Richard Lugar (R-IN) and Sen. Ben Cardin (D-MD)—protects U.S. national security and combats corruption in developing countries (particularly those plagued by extremist violence and conflict) by requiring oil, gas, and mining companies which report to the Securities and Exchange Commission to publicly report all payments made to host-governments. Nullifying the safeguard has been met with bipartisan opposition from anti-corruption experts.
FACT, issued a statements and blog posts defending the landmark anti-corruption measure, which included a letter sent to members of Congress. The letter targeted one of the major arguments for repeal—the suggestions that it disadvantages U.S. companies—by explaining that 30 other countries—including Norway, Canada, and all 28 members of the European Union—have instituted the same disclosure requirements on extractive companies. This means that over 90 percent of internationally operating companies in the extractives sector are covered by these transparency measures.
President’s Action Likely to Raise Costs on American Businesses, Undermine National Security
WASHINGTON, D.C. — Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement in response to President Donald Trump’s signing of a Congressional Review Act resolution of disapproval (H.J.Res.41).
