Financial Accountability and Corporate Transparency Campaign
With key partner organizations, TJN-USA launched the Financial Accountability and Corporate Transparency (FACT) Campaign and Coalition in April of 2011. Over the past two years, we have seen major progress in exposing individuals and corporations that use offfshore tax havens to avoid paying taxes. Media reports and hearings in Congress on the tax strategies used by Apple, Google, General Electric and Microsoft have enraged the public. Developments on the global scale, from the G8 to the OECD, have raised the issue amongst the developed and developing countries and increased calls for international cooperation on taxes and transparency. We hope to be a resource to those who want to learn more and join our fight.
The policy changes we seek include:
FACT Sheets and TestimonyFACT Testimony on Non-Resident Alien Regulations
The Big Fake on the Corporate Tax Rate and Corporate Tax Loopholes
It has been widely reported that the
Why? Tax loopholes, subsidies, deductions…a whole host of legal tricks makes 39% a quaint notion. The rate itself is not the issue. The U.S. approach to taxing multi-national corporations enables them to legally shift their profits around the world to escape their responsibilities here in the
Watch: View this customized video clip that reveals how corporations dodge taxes and the tax rates they actually pay on huge profits.
Are you a small business owner or formerly a small business owner? -- Sign this petition for fair corporate tax reform!
Interested in more evidence?
Read reports and survey results that make the case that corporate loopholes are raiding the U.S. Treasury, hurting small businesses… and are for sale.
Corporate Tax Dodgers – 2008 – 2010 – Citizens for Tax Justice
Small Business Survey Results on Tax Reform - American Sustainable Business Council, Main Street Alliance and Small Business Majority
Loopholes For Sale -
Still not convinced that the joke's on us?
Read what our partners saying in opinion pieces and blogs across the country and across the world – representing a different view from the “top” of the corporate tax rate debate...
“Let’s end tax cuts and get corporations to pay their fair share” - Business for Shared Prosperity
"The Race to the Bottom on Corporate Tax" - Tax Justice Network
“Look who pays less in taxes than Warren Buffet and Mitt Romney?” - Business for Shared Prosperity
"They pay little or no taxes on massive U.S. profits and then have the gall to lobby for lowering the 'high' corporate tax rate. They’re even campaigning for a tax holiday to 'repatriate' profits they have stashed offshore to avoid taxes. Patriots pay their taxes; they don’t dodge them." – Small Business Chamber of Commerce
“Cutting corporate taxes right now is insane” - A view from across the Atlantic –Tax Justice Network
Did you know that it is easier to form a company in the U.S. than it is to get a driver’s license?
Anonymous Corporations: The FACTS
The Problem: American and foreign terrorists, narco-traffickers, arms dealers, corrupt foreign officials, tax evaders and other criminals easily and regularly set up U.S. shell companies, without providing any information about who owns or controls such companies, to launder their criminal money in the United States or use that money to further their criminal activities, like buying precursor chemicals. Anonymous corporations are great ways to hide money and other assets. An anonymous company can hold a bank account or buy a yacht. Typically, less information is provided to incorporate a company than is required to obtain a driver’s license or open a bank account.
Criminals often layer anonymous corporations, with one owning another and so on, making it harder for law enforcement to “trace the money” to figure out who is directing the company’s activity – i.e. the identity of the real criminal. It is even common for Americans to use anonymous companies to hide assets from their current or former spouses!The World Bank reviewed 150 big cases of corruption between 1980 and 2010 and identified the companies that were used to hide peoples’ identities. U.S. registered companies topped the list.
The Solution: The bipartisan Incorporation Transparency and Law Enforcement Assistance Act would require companies to disclose information about the real people who own or control them (often called the “beneficial owners”) at the time they are created. It is critical that this legislation defines “beneficial owner” as a real human being, not another company, and ensures that law enforcement has access to the beneficial ownership information being held by the states.
Read articles on shell companies and the U.S. as a tax haven in Reuters and the New York Times.
FACT Coalition Members and Supporters
Americans for Democratic Action
American Federation of State, County and Municipal Employees (AFSCME)
American Sustainable Business Council
Eileen Appelbaum, Senior Economist, Center for Economic and Policy Research
Dean Baker, Co-Director, Center for Economic and Policy Research
William K. Black, Associate Professor,
Business and Investors Against Tax Haven Abuse
Business for Shared Prosperity
California/Venezuela Region - Religious Sisters of Charity
Citizen Action / Illinois
Citizens for Tax Justice
Global Financial Integrity
Government Accountability Project
Institute for Policy Studies –Program on Inequality and the Common Good
Iowa Citizen Action Network
Iowa Citizens for Community Improvement
Iowa Farmers Union
JPIC Ministry - Missionary Oblates
Leadership Conference of Women Religious
Move to Amend - Iowa Chapter
New Rules for Global Finance
Project On Government Oversight (POGO)Americans for Democratic Action
Sargent Shriver National Center on Poverty Law
SEIU Local 668, Pittsburgh, PA
Tax Justice Network
John Scmitt, Senior Economist, Center for Economic and Policy Research
UFCW Local 23, Western PA
U.S. Public Interest Research Group
Arizon Public Interest Research Group
California Public Interest Research Group
Colorado Public Interest Research Group
Connectiut Public Interest Research Group
Florida Public Interest Research Group
Georgia Public Interest Research Group
Illinois Public Interest Research Group
Ohio Public Interest Research Group
Oregon Public Interest Research Group
Maryland Public Interest Research Group
Massachusetts Public Interest Research Group
Michigan Public Interest Research Group
Missouri Public Interest Research Group
New Hampshire Public Interest Research Group
New Jersey Public Interest Research Group
New Mexico Public Interest Research Group
North Carolina Public Interest Research Group
Pennsylvania Public Interest Research Group
Texas Public Interest Research Group
Washington Public Interest Research Group
Wisconsin Public Interest Research Group
Wealth for the Common Good