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
Giegold is a member of a parliamentary delegation which has just concluded a fact finding trip to Washington on what the US is doing to combat financial crime.
The delegation from the economic and monetary affairs committee was in Washington and New York to meet representatives from the US Treasury, the Institute of International Bankers (IIB) and the Federal Reserve Board (FRB).
The Tax Cuts and Jobs Act (TCJA) radically changed the international tax system. It slashed taxes on corporate income, both domestic and foreign. It encouraged U.S. multinational corporations to shift jobs, profits, and tangible property abroad, and keep intangibles home. This report describes the new international tax system—and its many gaps—and also provides a road map for how to fix these gaps and surveys recent legislative approaches.
International NGOs sent a letter to the House Financial Services Committee on the Discussion Draft of the Counter Terrorism and Illicit Finance Act. The full letter can be downloaded here.
36 former military and civilian national security leaders sent a letter to the House of Representatives’ Committee on Financial Services, urging members to end anonymous shell companies.
