Sen. Durbin and Rep. Doggett’s bill provides a critical safeguard against corporate abuse at this time of national crisis.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter of support to the sponsors of the Stop Corporate Inversions Act of 2019. The full letter can be read below or downloaded here.
The FACT Coalition filed a comment on December, 2018 with the Internal Revenue Service (IRS) on a proposal removal of Section 385 documentation regulations (REG-130244-17). The full letter can be read below or downloaded here.
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]
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.