For Immediate Release
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.
FRIENDS: Now More Than Ever
Independent journalism has become the last firewall against government and corporate lies. Yet, with frightening regularity, independent media sources are losing funding, closing down or being blacked out by Google and Facebook. Never before has independent media been more endangered. If you believe in Common Dreams, if you believe in people-powered independent media, please support us now and help us fight—with truths—against the lies that would smother our democracy. Please help keep Common Dreams alive and growing. Thank you. -- Craig Brown, Co-founder