Jubilee USA

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New US Bills Introduced to Tackle Global Tax Avoidance and Corruption

WASHINGTON - This week a series of legislation was introduced in the House and Senate that takes aim at corporate tax avoidance and foreign corruption. The bipartisan Kleptocracy Asset Recovery Act (HR 5101), introduced by Representatives Stephen Lynch (D-MA) and Keith Rothfus (R-PA), encourages "whistleblowers" to disclose knowledge of foreign corruption facilitated in the US financial system. Representative Lloyd Doggett (D-TX) and Senator Sheldon Whitehouse (D-RI) introduced the No Tax Breaks for Outsourcing Act as companion Senate and House legislation to reduce corporate tax avoidance.

"More than a trillion dollars leaves the developing world annually because of tax evasion, avoidance and corruption," stated Eric LeCompte Executive Director of the religious development group Jubilee USA. "Congress can play an important role in stopping behavior that drains resources from vulnerable communities."

The No Tax Breaks for Outsourcing Act ensures corporations managed in the US are treated as US corporations instead of foreign entities. This addresses the problem of US corporations "hiding" in tax havens like the Cayman Islands. The legislation also strips large oil corporations of special tax breaks that some lawmakers call excessive.

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Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

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