The FACT Coalition sent a letter to the leaders of the U.S. House Financial Services Committee’s Subcommittees on Terrorism and Illicit Finance and Financial Institutions and Consumer Credit to be submitted to the official record of the November 29, 2017 joint hearing entitled “Legislative Proposals to Counter Terrorism and Illicit Finance.”
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the Senate opposing the Tax Cuts and Jobs Act, as it would create significant new tax incentives to move U.S jobs, profits, and operations overseas, while exploding the deficit.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dianne Feinstein in support of the Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017 (S.1241). The full letter can be read below or downloaded here.
Clark Gascoigne, the deputy director of the Financial Accountability and Corporate Transparency Coalition (FACT Coalition) delivered remarks on a press call with reporters as the AFL-CIO and Domini Impact Investments announced that they were filing a shareholder resolution with Nike calling for responsible tax practices in the wake of the Paradise Papers leak.
Middle-Class Taxpayers and Domestic Businesses 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.
$129 billion to $205 billion: Amount that U.S. taxpayers lose in federal revenue to offshore tax haven abuse each year.
$94 billion to $135 billion: Lost U.S. revenue from offshore profit shifting by multinational corporations annually.[i]
$35 billion to $70 billion: Lost U.S. revenue to tax evasion by wealthy individuals annually.[ii], [iii]
