WHAT'S NEW: Along with partners from across the country, representing over 17 million taxpayers, FACT sent a letter to Congressional leaders to express their opposition to a hollow proposal to allow corporations to enjoy a tax holiday on earnings they claim are offshore. The tax holiday in 2004 was a dismal failure that ended up benefiting the executives and shareholders of a handful of corporations at the expense of everyone else. Many of the corporations went on to cut jobs, not create them.
The FACT coalition and our partners have also released our agenda for tax reform that would keep jobs and much-needed revenue here in the United States. Read it here.
Given the current debate and damaging proposals that have been recently put forth, the FACT coalition and many of our partners sent a letter to lawmakers and to the Obama Administration outlining our corporate tax reform proposals.
Read our letter to Congress on corporate tax reform here.
Senators Kay Hagan and John McCain have introduced As the President laid out his plans for job creation in the U.S., the FACT coalition weighed in with our agenda to level the playing field for job creators - especially small businesses - who are a critical voice in the tax reform debate.
Read our letter to President Obama here.
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With key partner organizations, TJN-USA launched the Financial Accountability and Corporate Transparency (FACT) Campaign and Coalition in April of 2011. We sent a letter to key lawmakers announcing a united front to combat tax avoidance and evasion as well as other criminal activity that our current tax system facilitates. We launched with an event at the National Press Club featuring U.S. Senator Carl Levin and best-selling author Nicholas Shaxson.
Read our letter to Members of Congress here.
Senator Carl Levin (D-MI) and now Representative Lloyd Doggett (D-TX) have introduced their flagship bill to end the use of tax havens that push revenue and jobs offshore. In light of the heated debate around deficit reduction, this bill is timely in that it offers a way to achieve fiscal responsiblity by closing loopholes - something that everyone should support. FACT was pleased to participate in the press conference to introduce the Stop Tax Haven Abuse Act in both the Senate and the House.
Get more information on the bill here.
Read about it in the New York Times!
Our Challenge
At a time when countries around the world face budget crises, economies continue to bleed massive amounts of revenue due to secrecy in the financial system which facilitates corruption, tax evasion and money laundering. Shell corporations, anonymous trusts and bank secrecy both in the United States and abroad make it easy for criminals, terrorists, government officials and even otherwise legitimate multinational companies to hide their money and difficult for law enforcement and tax authorities to do their jobs.
With limitless resources to campaign and lobby, those who fight against reform have made our efforts even more critical. We're an advocate for taxpayers, including businesses, who are forced to take on the tax burden for those who avoid and evade taxes.
The Solution
The policy changes we seek include:
- Requiring ownership information of all business entities, trusts, foundations and charities – information that indicates who actually controls these entities – be made available to law enforcement and the public;
- Requiring country-by-country reporting by multi-national corporations of the sales made, profits earned and taxes paid in every jurisdiction where an entity operates;
- Strengthening, standardizing and enforcing anti-money laundering laws; and
- Eliminating loopholes in our tax system to make sure that the corporations that benefit from all of the resources, protections and markets in the
Resources
Citizens for Tax Justice's Report on the Buffett Rule
Permanent Subcommittee on Investigations' Report on Repatriation
Center on Budget and Policy Priorities' Report on Repatriation
Institute for Policy Studies' Report on Repatriation
Institute for Policy Studies' Report on Executive Compensation
FACT Sheets and Testimony
FACT Sheet: Tax Havens by the Numbers
FACT Sheet: Corporate Transparency
FACT Sheet: Anti-Money Laundering Provisions
FACT Testimony on Non-Resident Alien Regulations
FACT Coalition Members and Supporters
Americans for Democratic Action
AFL-CIO
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
Campaign for
Citizen Action / Illinois
Citizens for Tax Justice
EarthRights International
Firedoglake
Global Financial Integrity
Global Witness
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
Jubilee
Leadership Conference of Women Religious
The
Move to Amend - Iowa Chapter
New Rules for Global Finance
OMB Watch
OpenTheGovernment.org
Pacific Environment
Project On Government Oversight (POGO)Americans for Democratic Action
Public Citizen
Sargent Shriver National Center on Poverty Law
SEIU
SEIU Local 668, Pittsburgh, PA
Tax Justice Network
John Scmitt, Senior Economist, Center for Economic and Policy Research
The
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
U.S. UNCUT
Wealth for the Common Good
