Treasury’s plan to postpone and reopen a rule finalized last year that introduced groundbreaking anti-money laundering safeguards for the $130 trillion U.S. private investment sector will only heighten existing corruption, national security, and illicit finance risks.
Congress’ final reconciliation bill moves nearly every aspect of the tax code in the wrong direction, gutting essential programs and job-creating green energy incentives in favor of highly regressive tax cuts for wealthy individuals and multinational corporations.
Instead of undermining multilateral tax cooperation, Congress should address incentives in the U.S. tax code that encourage the offshoring of jobs and profits by American multinational companies.
Small steps in the right direction do not address the core problem of our international tax code: there is no reason to keep giving tax breaks to companies when they move profits and jobs overseas.
FACT urges Treasury to heed the calls of law enforcement, national security, and other experts by fully implementing the Corporate Transparency Act in accordance with congressional intent and the plain language of the law.
The House Ways and Means Committee’s draft tax bill extends trillions of dollars in wasteful and unpopular tax breaks, paving the way for massive cuts to vital health and other public services. Lawmakers must go back to the drawing board.
