FACT Sheet: Offshore Tax Haven Abuse by the Numbers (November 2017)

$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]

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House Bill a Gift to Offshore Tax Dodgers and Outsourcers

WASHINGTON, D.C. — The U.S. House Ways and Means Committee unveiled legislation Thursday that would overhaul the U.S. tax system.  According to the FACT Coalition, the bill would reward corporations that have shifted profits to tax havens.

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Treasury Department Building

Welcome Earnings-Stripping Decision in Stark Contrast to Administration’s Tax Overhaul Proposals

Alternative Group of Lawmakers Unveils Proposals that Would End the Offshore Gaming
WASHINGTON, D.C. — The Treasury Department announced that it would maintain an important rule to curb offshore tax avoidance Wednesday, a move that stands in contrast to the administration’s proposals to make it easier to avoid taxes by booking profits offshore, according to the FACT Coalition.

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Coalition Pushes Treasury to Defend Anti-Inversions Safeguard

Alliance of Good-Governance Groups Submits Comments in Support of Rules Combating Earnings-Stripping
WASHINGTON, D.C. — In comments submitted to the U.S. Department of the Treasury on Monday, good government watchdogs called on the administration to protect a recent safeguard aimed at combating offshore tax avoidance.

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Letter to the IRS Supporting Treasury’s Corporate Inversion Regulations

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to the IRS in support of the Department of the Treasury’s Final and Temporary Regulations under Section 385 on the Treatment of Certain Interests in Corporations as Stock or Indebtedness. The full letter can be read below or downloaded here.

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