For Immediate Release
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New Bills Take Aim at Offshore Tax Haven Abuse
Stop Tax Haven Abuse Act and Corporate EXIT Fairness Act Would Close Many of the Most Egregious Offshore Loopholes
WASHINGTON - Congressional lawmakers introduced two measures Wednesday to close a number of offshore tax haven loopholes in a move welcomed by the Financial Accountability and Corporate Transparency Coalition (FACT Coalition), a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy.
The Stop Tax Haven Abuse Act, sponsored by Rep. Lloyd Doggett (D-TX) and Sen. Sheldon Whitehouse (D-RI), would address many of the most egregious tax haven abuses while the Corporate EXIT Fairness Act, sponsored by Rep. Doggett, would curtail the incentives for companies to engage in offshore inversions.
The bills come in the midst of the “Global Week of Action to #EndTaxHavens”, which runs from April 1st to 7th.
Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement:
“The Stop Tax Haven Abuse Act and the Corporate EXIT Fairness Act offer the type of tax reform we need – they would close unfair tax loopholes that allow multinational companies to offshore profits and escape responsibility for paying their fair share. Tax haven abuse now costs American taxpayers up to $180 billion per year. When multinational companies and wealthy individuals abuse tax havens, it’s domestic businesses and middle-class Americans who get left picking up the tab. The reforms in these bills could and should garner bipartisan support, while offering more sensible and popular reforms than the radical alternatives that are dividing the Congress, including the border adjustment tax.”
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Founded in 2011, the Financial Accountability and Corporate Transparency (FACT) Coalition unites over 100 different civil society representatives from small business, anti-corruption, faith-based, government watchdog, human rights, investors, labor, public-interest, and international development organizations from across the ideological spectrum.
We seek an honest and fair international tax code, greater transparency in corporate ownership and operations, and commonsense policies to combat the facilitation of money laundering and other criminal activity by the financial system.