Financial Transparency Coalition

WASHINGTON – Members of the Financial and Corporate Transparency (FACT) Coalition support three amendments that take aim at abuse of corporate offshore tax havens that have been offered in the Senate Budget Resolution debate.

• #315 Base Erosion (Brown): To ensure a tax code that prevents U.S. firms from avoiding taxation by using foreign subsidiaries to exploit U.S. markets or by shifting profits to foreign subsidiaries in amounts disproportionate to the activities and tangible business assets of such entities, as determined by the Joint Committee on Taxation.
• #430 (Levin-McCain-Whitehouse) DEFICIT-REDUCTION RESERVE FUND TO END OFFSHORE TAX ABUSES BY LARGE CORPORATIONS. The Chairman of the Senate Committee on the Budget may revise the allocations of a committee or committees, aggregates, and other appropriate levels and limits in this resolution for one or more bills, joint resolutions, amendments, amendments between the Houses, motions, or conference reports related to corporate income taxes, which may include measures to end offshore tax abuses used by large corporations, provided that such legislation would reduce the deficit over the period of the total of fiscal years 2013 through 2018 and the period of the total of fiscal years 2013 through 2023.
• #264 (Sanders) DEFICIT-REDUCTION RESERVE FUND ON OFFSHORE TAX ABUSE BY LARGE PROFITABLE CORPORATIONS. The Chairman of the Committee on the Budget of the Senate may revise the allocations of a committee or committees, aggregates, and other appropriate levels in this resolution for one or more bills, joint resolutions, amendments, motions, or conference reports related to corporate income taxes, which may include measures to address offshore tax abuse by large profitable corporations provided that such legislation would reduce the deficit and create jobs.  The Chairman may also make adjustments to the Senate’s pay-as-you-go ledger over 6 and 11 years to ensure that deficit reduction is achieved.

“These amendments show that there is bipartisan support in Congress, support from long-standing advocates for economic justice and support from critical members of the Senate Finance Committee to correct our terribly flawed system,” said Nicole Tichon, Executive Director of Tax Justice Network USA and Director of the FACT coalition.

“Large multinational corporations have relied on the government and the American people to keep looking the other way.   They hire teams of lobbyists and spend millions of dollars in campaign contributions to keep the current system in place. All companies benefit from our roads, clean water, court system, research subsidies and national defense – yet too many fail to contribute their fair share to maintaining any of it.”

FACT Partners supporting the amendments include:

Alliance for a Just Society
American Sustainable Business Council
Business for Shared Prosperity
Citizens for Tax Justice
Global Financial Integrity
Jubilee USA Network
Main Street Alliance
New Rules for Global Finance
Tax Justice Network USA
U.S. Public Interest Group

Contact:

Nicole Tichon
Executive Director
Tax Justice Network USA
nicole@tjn-usa.org
202-758-9552
Resources:

For more information on the FACT coalition, click here.

Read letters of support for offshore tax reform legislation here.

For a FACT sheet on tax haven abuse by the numbers, click here.

Read Corporate Tax Dodgers – 2008 – 2010 – by Citizens for Tax Justice.

Read Offshore Revisited – A TJN Report on Offshore Wealth by James Henry.