The Financial Accountability and Corporate Transparency (FACT) Coalition welcomes the discussion draft released today by Senators Wyden, Warner, and Brown on international corporate tax reform. While the draft legislation would curb tax-haven abuse, protect American jobs, and begin to meet the challenge set by the Biden Administration to end the international race to the bottom in corporate tax collections, more can be achieved through the inclusion of additional measures to equalize U.S. foreign and domestic corporate tax rates in the final legislation.
US multinational corporations currently pay little to no US tax on their foreign profits, which incentivizes these companies to shift profits and real operations to tax havens.
New report finds taxpayers lose $427 billion worldwide to individual tax evasion and multinational corporate profit-shifting, undercutting a COVID-19 response.
Small business associations endorse Senate legislation for country-by-country reporting to even the playing field with multinational enterprises.
Investors with $811 billion in assets managed sent a letter to the Senate backing public country-by-country reporting to reduce investor risk in multinational enterprises.
103 nonprofit, civil society, labor, environmental, and civil rights groups underscore the need for country-by-country reporting to address underlying problems exacerbated by the COVID-19 crisis.