The Tax Fairness and Transparency Act Puts Domestic Businesses and Middle-Class Taxpayers First
WASHINGTON, D.C. – New legislation introduced Thursday by Rep. Mark Pocan (D-WI) takes aim at the biggest offshore tax avoidance loopholes, offering a sensible template for tax reform, according to the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).
Stop Tax Haven Abuse Act and Corporate EXIT Fairness Act Would Close Many of the Most Egregious Offshore Loopholes
WASHINGTON, D.C. – Congressional lawmakers introduced two measures Wednesday to close a number of offshore tax haven loopholes in a move welcomed by the Financial Accountability and Corporate Transparency Coalition (FACT Coalition).
ITEP Report Reveals Fortune 500 Companies Booking Record $2.6 Trillion in Untaxed Profits Abroad
WASHINGTON, D.C. – As Washington turns its attention to tax reform, a new report from the Institute on Taxation and Economic Policy underscores the immense scale of offshore tax avoidance: Fortune 500 companies have booked a record $2.6 trillion in profits offshore, allowing them to avoid up to $767 billion in U.S. taxes.
Since tax dodging via tax havens and other methods would continue among the largest players, it seems misleading to say to the public that the House plan would end the gaming.
Strengthen Measures against Offshore Tax Evasion — Don’t Repeal Them
The offshore tax haven lobby is out in force this month — kicking off a media and lobbying blitz against the Foreign Account Tax Compliance Act (FATCA), a sensible transparency measure to ferret out offshore tax evaders.
The Wall Street Journal editorial board completely misconstrues FATCA as government overreach in its March 2nd editorial, “My Big Fatca IRS”. The Journal writes:
“Almost since the Foreign Account Tax Compliance Act (Fatca) became law in 2010 to go after fat cats stashing money abroad, these pages have reported that it has led the IRS to treat law-abiding Americans as criminals…
“With the GOP controlling Congress and White House, the time is ripe for Republicans to make good on their pledge and give Fatca the heave-ho.”
The Journal’s editorial was echoed last week by several pro-tax haven groups in a letter to lawmakers. The editorial and the letter are off-base.
Massive corporations are cheating us out of trillions of dollars that our infrastructure desperately needs. And none of it is illegal.
Crumbling bridges, abandoned schools, stalled plans for green energy—name a problem with American infrastructure, and someone will tell you the issue is a simple lack of funds.
