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.
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.
FACT calls on Congress to repeal the Foreign-Derived Intangible Income deduction, the Supreme Court reaffirms Congress’ taxing authority, and FACT, allies gather in Lithuania for the 2024 International Anti-Corruption Conference.
The Foreign-Derived Intangible Income (FDII) deduction benefits relatively few companies, costs the U.S. tens of billions annually in lost revenue, and perversely encourages corporations to move jobs and investment abroad.
With negotiations surrounding the expiration of large parts of the 2017 Tax Cuts and Jobs Act already underway, lawmakers must move quickly to close costly loopholes, prevent offshoring of jobs and profits, and provide adequate tax transparency for U.S. multinational corporations.
