US multinational corporations currently pay little to no US tax on their foreign profits, which incentivizes these companies to shift profits and real operations to tax havens.
Support for Beneficial Ownership Transparency is widespread, crossing industries and the ideological spectrum. Here is a list of supporters.
Real estate associations sent a letter to the Senate and House Armed Services Committees, urging members to take up legislation ending anonymous companies in the must-pass National Defense Authorization Act.
A diverse coalition including business, law enforcement, faith, and national security groups sent a letter of support for including the Corporate Transparency Act in the National Defense Authorization Act for Fiscal Year 2021.
Requiring multinational corporations to publicly report basic financial information on a country-by-country basis will reduce the abuse of tax havens and help investors assess tax-related risk.
Anonymous companies allow counterfeiters and internet pirates to traffic and smuggle illicit goods — undercutting legitimate commerce, markets, and financial systems. Further, illicit trade threatens critical national industries and local economies, placing consumers at risk and harming the market reputational value of American brands and companies.