The FACT Coalition filed a comment on October 3, 2016 with the U.S. Securities and Exchange Commission (SEC) cautioning the agency against proceeding with a rule to reduce disclosure to investors and urging the SEC to instead boost transparency through public country-by-country reporting.
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.
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.
The FACT Coalition and a broad alliance of other organizations and coalitions submitted comments to the Financial Accounting Standards Board (FASB)—urging the body to require multinational companies to be more transparent about their tax practices.
The FACT Coalition sent a letter to Rep. Mark Pocan (D-WI) and the leaders of the U.S. House of Representatives Financial Services Committee in support of the Corporate Transparency and Accountability Act of 2016 (H.R.6126).
A Review of Comments to the SEC’s Disclosure Effectiveness Concept Release
The FACT Coalition joined eight other groups—the AFL-CIO; Americans for Financial Reform; the Center for American Progress; Ceres; the International Corporate Accountability Roundtable; Patriotic Millionaires; Public Citizen; and US SIF: The Forum for Sustainable and Responsible Investment—in releasing a report analyzing the more than 26,000 comments received in response to the U.S. Securities and Exchange Commission’s April 2016 concept release on “Business and Financial Disclosure Required by Regulation S-K”.
