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More Compromises for the Budget: Corporate Tax Deferral on Foreign Earnings
November 20th, 2013
The budget conference committee, which is currently charged with negotiating a compromise on the U.S. federal budget, has met publicly for a second time last week. The committee must deliver a report to Congress by December 15 and, to avert another shutdown, Congress must extend government funding by January 15. Leaders in the budget committee leaders have said they “won’t waste time debating the areas where they already know there’s no agreement, but will focus on where deals can be cut.” Some Senate Democrats believe those compromises could lie in tax expenditures—including by eliminating “egregious” loopholes that wealthy individuals and...
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We're Not Broke Video: How Do Billion-Dollar Corporations Cheat America Out of Tax Revenue?
April 9th, 2013
Every year, multinational corporations avoid billions of dollars in taxes globally by using abusive profit shifting to move revenue to tax havens and costs to jurisdictions where they actually do business. This is called transfer pricing, and is the biggest problem that the Task Force's Country-by-Country Reporting recommendation is designed to fix, by forcing publish exposure of where firms are reporting their figures. We're Not Broke, the documentary released last year on corporate tax avoidance and the movement to change it, is now available in segments on Youtube. And unlike our previous post on We're Not Broke, the segments are...
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What Billions in Illicit and Licit Capital Flight Means for the People of Zambia
December 13th, 2012
In our newest report, Illicit Financial Flows from Developing Countries 2001-2010, we look at illicit financial flows--the proceeds of crime, corruption, and tax evasion--leaving the developing world. Illicit financial flows are a type of capital flight, and have been a persistent plague on the developing world for some time now. Our new report will be released on Tuesday morning. But for today, I want to focus more narrowly on Zambia, one of the poorest nations on earth and one of the clearest examples of the damage caused by both illicit and licit capital flight.
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