In this month’s edition of Just the FACTs, FACT-endorsed corporate tax transparency legislation is reintroduced in the House and Senate, sparks fly at FinCEN’s annual HFSC oversight hearing, FACT announces an event bridging transparency issues and American democracy, and more.
Microsoft’s new financial disclosures demonstrate the challenge facing policymakers interested in taxing AI: massive investment in the sector is lowering tax collected today, and even when the technology becomes profitable loose international tax rules mean the U.S. might not get much new revenue.
FACT applauds the reintroduction by Senator Chris Van Hollen and Representative Brittany Pettersen of the Disclosure of Tax Havens and Offshoring Act, legislation that would require American multinational corporations to publish expanded financial information on their offshore operations.
In this month’s edition of Just the FACTs, Erica Hanichak and Zorka Milin are named FACT co-directors, Microsoft and other major multinationals release their first EU international tax reports, Julia Yansura contributes to hard-hitting reporting on Ecuadorian gold, and more.
Read the farewell blog from outgoing FACT executive director Ian Gary, who reflects on his decades-long career in international social justice advocacy, and looks toward a brighter future where democracy is better able to deliver for people and hold powerful actors accountable.
“Microsoft’s new tax disclosures raise serious questions about the misalignment of economic substance and where profits are located, and how much revenue the U.S. and other market countries are losing as a result.” – Zorka Milin, Co-Director of the FACT Coalition
