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Tax

Obama administration takes step to curb offshore tax dodging

On Wednesday June 29, the Obama administration's Department of Treasury issued new rules which require large U.S. multinational companies to report profits and taxes on a country-by-country basis.

This is meaningful progress in Fair Share's ongoing work to end offshore tax dodging.

These new rules mean that the IRS will collect and exchange tax information on a country-by-country basis, and will show them tax multinationals paid overseas (for companies making more than $850 million per yer). The more interesting aspect of course, are the taxes they didn't pay.

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Panama Papers and the Need for Tax Haven Reform

In the Panama Papers, the unprecedented release of 11 million documents from a law firm in Panama, we see in great detail how the secret accounts of the global elite launder money and hide corruption.

After initial coverage focused on international figures like Vladimir Putin and Lionel Messi and their connections to secretive accounts, a June 5 New York Times article shed yet more light on how individual U.S. citizens are among those hiding their millions abroad.

The Times showed that over the past decade, the now famous Mossack Fonseca had at least 2,400 U.S.

Pfizer Inversion Stalled By Treasury Action

Pfizer, the giant drug company, was on the verge of finishing a move that would allow it to dodge some $35 billion in taxes, known as an "inversion" ... but the U.S. Treasury issued a new rule which caused Pfizer to cancel its planned inversion merger.

After Fair Share, in coalition with groups across the country, called for new Treasury action, they responded this week by issuing the new rule. Fair Share members sent in thousands of comments in support, and Americans for Tax Fairness, a coalition of groups working to make the tax code more fair, together reached more than 120,000 comments.

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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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