FACT Memo to Biden-Harris Presidential Transition Team
FACT makes recommendations to President-Elect Biden’s transition team to advance corporate and financial transparency and tax reforms.
Endorsements for Beneficial Ownership Transparency
Support for Beneficial Ownership Transparency is widespread, crossing industries and the ideological spectrum. Here is a list of supporters.
Briefing Memo: Publicly Traded Companies Should Publicly Report Where They Are Booking Profits and Paying Taxes
As governments around the world begin to crack down on aggressive offshore tax avoidance, numerous companies find themselves in the crosshairs of tax authorities. Alphabet (Google),3 Amazon,4 Apple,5 Caterpillar,6 Gap,7 Facebook,8 Hewlett-Packard,9 McDonalds,10 Microsoft,11 Shell,12 and Starbucks13 have all faced penalties or are in disputes with tax authorities over their aggressive tax avoidance practices.
The new tax law will do little to change the risk factors. While Congress eliminated deferral of taxes for profits booked offshore, the new 50% (or greater) discount on the overseas rate creates a powerful new incentive to move money overseas.14
For policymakers, investors, and other stakeholders to better understand how the tax laws operate in practice, there is a need for public country-by-country reporting (CbCR) of certain revenue, profit, tax, and other information for multinational corporations (MNCs).
Briefing Memo: IRS Does Not Collect Beneficial Ownership Information and Additional Concerns with an IRS Approach
The FACT Coalition sent this memo to explain concerns with an IRS approach to collecting beneficial ownership information.
Briefing Memo: Analysis of Concerns Raised by Opponents of the Draft Counter Terrorism and Illicit Finance Act
The FACT Coalition sent this memo to offer detailed responses to several common concerns raised by opponents of the discussion draft of the Counter Terrorism and Illicit Finance Act and to inform the debate moving forward.
Briefing Memo: Ending Offshore Tax Avoidance
There is widespread agreement, across the political spectrum, that the gaming of the tax code by multinational corporations is a problem. When profits and jobs are shipped offshore, we not only harm the U.S. economy, we fuel a tax haven industry that drains wealth around the world.
The tax system under the Tax Cuts and Jobs Act includes loopholes and incentives to shift money and jobs overseas.