March 22nd, 2013
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.
February 11th, 2013
WASHINGTON DC – In the midst of a Congressional and White House showdown over the impending sequestration, and growing calls for corporate tax reform, Senator Carl Levin (D-MI) and Senator Sheldon Whitehouse (D-RI) put forth the Cut Unjustified Tax Loopholes Act (S. 268, CUT Loopholes Act). This bill, which closes loopholes and strengthens enforcement measures against offshore tax haven abuse, could raise nearly $200 billion over ten years.
November 7th, 2012
After a long, hard battle, President Obama won a second term from voters last night. The media has pointed out he’s not taking much time to celebrate; it’s time to back to the long, hard work of governing. In that spirit, this is a good opportunity to check the pulse of several important transparency-enhancing legislative initiatives that are on the table in Congress right now. Over the next four years, the President and his administration will have opportunities to promote transparency in the financial system, fight corruption worldwide, and enhance tax fairness, both abroad and at home. In that...
February 23rd, 2012
In The President’s Framework for Business Tax Reform, which the White House released earlier this week, President Obama advocates lowering the U.S. corporate tax rate to 28 percent. This move is not surprising. Last month, President Obama brought up a basic minimum corporate tax in his State of the Union address.
But the tax cut is not alone. Alongside this cut, Obama advocates cutting corporate tax loopholes. This element is not to be overlooked. There are far too many corporate tax loopholes—which are deductions, credits, and other tax expenditures that benefit certain activities—and they often result in very different marginal...