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Tax

Real Tax Reform Should Close Offshoring Loopholes

The U.S. House held a hearing today about tax reform. Fair Share's signed on to a letter, via the FACT Coalition about what we think real reform is. Our priorities for tax reform are to make sure that every business plays by the same rules -- that large multinational compaies shouldn't be able to dodge taxes by hiding money overseas.

“Offshore loopholes and tax haven abuse cost U.S. taxpayers $150 billion per year,” explained Clark Gascoigne, Interim Director of the FACT Coalition, upon submitting the comments to the Committee.

Fortune: It's Time for the U.S. to Deal With Tax Evaders

America is the world’s newest tax haven.

If I asked you to name the world’s biggest tax haven, you might come up with the Cayman Islands, Bermuda, or Luxembourg. Those of you following the recent series of so-called “corporate tax inversions” might guess Ireland.

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End Expensive and Dangerous Shell Companies

Most businesses have nothing to hide, but if you do have something to hide, it's easy: You just set up an anonymous shell company -- which in America, requires less personal information than it takes to get a library card.

Since you don't even have to report who owns the company, anonymous shell companies are a favorite tool to hide all sorts of unsavory behaviors, from terrorism and drug cartels to tax dodging.

But now we have a way to fight back. Take action to end anonymous shell companies.

This Sunday on 60 Minutes, shocking undercover footage showed how easy it is to use anonymous shell

Congress: Let these offshore loopholes expire

Why would Congress want to make loopholes that let companies hide their profits overseas permanent --- loopholes that cost us $10 billion per year?

Help us remove tax loopholes from Congress’ holiday shopping list. Fair Share and our allies have just launched a petition which reads:

We, the undersigned, urge Congress to end the loopholes that reward offshore tax haven abuse and reject any attempt to cement them permanently into our already loophole-ridden tax code. Please vote to end the two offshore loopholes in the tax extender package, the CFC Look-through Rule and the Active Financing Exception, which cost us $10 billion per year.

Congress mulls $400 Billion tax break for corporations

You might have thought it was bad enough that some U.S. multinational corporations are dodging $600 billion in taxes by hiding their profits overseas.

Now some in Congress want to let these corporate tax dodgers off the hook -- permanently -- for $400 billion and make it easier for them to avoid paying what they should moving forward. That's not fair to you, me or other businesses.

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