Watch a recording of the launch of FACT’s new report analyzing the tax disclosures of 11 U.S. oil and gas multinational companies, and calling for the elimination of harmful subsidies for extraction abroad.
While the 2025 tax law’s international tax provisions have been labelled “America-first”, in reality, most of the changes will lower the effective tax rates multinationals pay on foreign income, further incentivizing the movement of investment and income abroad.
Congress’ budget reconciliation bill becomes law, including trillions of dollars of highly regressive tax cuts for wealthy individuals and corporations at the cost of steep cuts to healthcare, food assistance, and climate programs.
Congress’ final reconciliation bill moves nearly every aspect of the tax code in the wrong direction, gutting essential programs and job-creating green energy incentives in favor of highly regressive tax cuts for wealthy individuals and multinational corporations.
Small steps in the right direction do not address the core problem of our international tax code: there is no reason to keep giving tax breaks to companies when they move profits and jobs overseas.
Lawmakers, small business groups, national security experts, and law enforcement organizations speak out against Treasury’s gutting of the Corporate Transparency Act, and Senate tax negotiations could decide the fate of tax loopholes for U.S. multinational companies.
