Prescription for Poverty: Drug Companies as Tax Dodgers, Price Gougers, and Influence Peddlers
Pharmaceutical companies claim to bear their fair share of taxes, but their financial statements tell a different story.
FACT Sheet: Treasury’s CDD Rule: One Piece to a Larger Puzzle
Drug traffickers, corrupt officials, rogue nations seeking to evade sanctions, terrorists, and other criminals use anonymous companies to hide the money they steal and maintain the power they hold.
Many of the most dangerous criminal elements now operate sophisticated financial networks. They have updated the way they do “business,” which Includes the use of companies with hidden owners. As the rest of the world cracks down on corporate secrecy, the criminals and other wrongdoers are looking increasingly to the U.S.
The U.S. Treasury Department’s Customer Due Diligence (CDD) Rule for Financial Institutions1 is a critical piece in a larger strategy to protect the integrity of our financial system from abuse and the nation from a broad array of harms.
Polaris Fact Sheet: Business Transparency to Combat Human Trafficking
In cities throughout the United States, human trafficking rings operate illicit massage businesses, where women are forced to engage in commercial sex. Criminals engaged in human trafficking and money laundering are able to take advantage of the lack of transparency surrounding beneficial ownership of business entities to evade criminal prosecution. Congress must take action to ensure that law enforcement officials can identify the individual traffickers that control or benefit from illicit massage businesses and hold them accountable.
Letter from Attorneys General to the House Financial Services Committee to Improve Corporate Transparency
Dear Chairman Hensarling and Ranking Member Waters:
Thank you for your diligent work crafting legislation to improve corporate transparency by requiring companies to disclose the identities of individuals who control and profit from the company at the time of its incorporation. We write to express our support for this change, which would prevent these individuals from using anonymous shell companies to evade accountability,
and to convey the importance of making this information available to state and local enforcement.
U.S. Should Not Favor Foreign over U.S. Profits: Tax Multinationals the Same as Wholly Domestic Companies
The new tax law, the Tax Cuts and Jobs Act (TCJA), changed the tax system from one in which U.S. corporations paid taxes equally on all their profits to one in which they pay lower taxes on profits booked outside the United States. By lowering the tax rate on foreign profits, the tax code now encourages U.S. corporations to move U.S. jobs and profits offshore.
Letter from the National Fraternal Order of the Police to the Senate Committee on Banking, Housing, and Urban Affairs Supporting Corporate Transparency
Letter from the National Fraternal Order of the Police to the Senate Committee on Banking, Housing, and Urban Affairs Supporting Corporate Transparency