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New Report: Multinationals Dodging $718bn in U.S. Taxes on Profits Booked Offshore

October 4, 2016

New Analysis Underscores Need to End Deferral, Boost Transparency of Companies’ Offshore Tax Practices
WASHINGTON, D.C. – The largest American companies have stashed nearly $2.5 trillion in profits offshore allowing them to dodge $718 billion in U.S. taxes, according to a new report released Tuesday by Citizens for Tax Justice (CTJ), the Institute on Taxation and Economic Policy (ITEP), and the U.S. Public Interest Research Group (PIRG) Education Fund—all members of the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).

FACT Urges SEC to Reconsider Proposed “Disclosure Update and Simplification” Rule

October 3, 2016

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.

FACT Sheet: Offshore Tax Haven Abuse by the Numbers

October 1, 2016

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.

FACT Sheet: Offshore Tax Haven Abuse

October 1, 2016

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.

Letter to FASB from FACT and 26 Other Groups Urging Country-by-Country Reporting

September 30, 2016

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.

FACT Letter Supporting Corporate Transparency and Accountability Act of 2016

September 22, 2016

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).