The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House lawmakers Tuesday urging them to oppose H.R. 2054/S. 869 and defend the Foreign Account Tax Compliance Act (FATCA).
Questions & Answers about the Foreign Account Tax Compliance Act (FATCA)
FATCA is the Foreign Account Tax Compliance Act, which was adopted in 2010 to help pay for the HIRE (Hiring Incentives to Restore Employment) Act. FATCA requires foreign financial institutions (FFIs) to determine if accounts they have opened are held, directly or indirectly, by Americans and, if so, disclose them to the Internal Revenue Service (IRS). Any FFI that refuses to provide this information to the United States is subject to a 30% withholding tax on the FFI’s U.S. source income.
Congress Should Reject Tax Haven Lobby’s Push to Repeal FATCA Transparency Measure
WASHINGTON, D.C. – As millions of Americans head to the post office today — this year’s deadline for filing individual tax returns — there is a stepped-up effort to make it easier for some to illegally evade paying their taxes.
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House lawmakers Friday urging them to oppose the “Infrastructure 2.0 Act” (H.R.1670), which is sponsored by Rep. John Delaney (D-MD).
The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to House lawmakers Friday urging them to oppose the “Partnership to Build America Act” (H.R.1669), which is sponsored by Rep. John Delaney (D-MD).
Tax haven abuse undermines the fairness of our tax code. By shifting profits to offshore tax havens, multinational corporations avoid over $100 billion in taxes each year. Wealthy individuals evade an estimated $40 to $70 billion. The Stop Tax Haven Abuse Act of 2017 (S. 851/H.R. 1932) will close many of the loopholes that allow multinational companies and the wealthy to play by a different set of rules than the rest of us.
