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FACT Sheets

FACT Sheet: Foreign Account Tax Compliance Act (FATCA)

Every year, your employer, bank, the Social Security Administration, and anyone holding or investing your savings, sends you and the Internal Revenue Service (IRS) information about your accounts. This is a long-standing U.S. practice that combines patriotism and accountability and has created a culture of tax compliance.

However, for U.S. citizens living abroad and wealthy individuals with accounts in foreign banks, there was little accountability. While most Americans with foreign bank accounts paid the taxes they owed, some did not. For those, FATCA was passed.

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FACT Sheet: Stop Tax Haven Abuse Act of 2017

Tax haven abuse undermines the fairness of our tax code. By shifting profits to offshore tax havens, multinational corporations avoid over $100 billion in taxes each year. Wealthy individuals evade an estimated $40 to $70 billion. The Stop Tax Haven Abuse Act of 2017 (S. 851/H.R. 1932) will close many of the loopholes that allow multinational companies and the wealthy to play by a different set of rules than the rest of us.

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FACT Sheet: Questions & Answers about Territorial Corporate Tax Systems

A central theme of corporate tax reform is how to create a system that works in a global economy. Several proposals have called for a territorial corporate tax system — a system in which a company only pays taxes on what it claims as profits in a given country rather than looking at the companies’ global footprint.

Below are questions and answers about territorial tax systems as outlined in recent reform proposals.

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FACT Sheet: Offshore Tax Haven Abuse

Average Taxpayers and Small Business Owners Foot the Bill for Offshore Tax Loopholes
Many Large U.S.-Based Multinationals Avoid Paying U.S. Taxes by Using Accounting Tricks to Make Profits Made in America Appear to Be Generated in Offshore Tax Havens—Countries with Minimal or No Taxes.

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FACT Sheet: Offshore Tax Haven Abuse by the Numbers

Up to $180 billion: The amount that the U.S. loses in tax revenue to offshore tax haven abuse each year.

$111 billion: Lost U.S. revenue from profit shifting by multinational corporations annually.
$40-70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.

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