What's New

Statement from FACT on OECD Automatic Tax Information Exchange Model Agreement

OECD Releases of Model for the Automatic Exchange of Financial Information

Statement from FACT Coalition Director Nicole Tichon

 

Following today’s announcement by the OECD (Organization for Economic Co-operation and Development) of the release of their “Standard for Automatic Exchange of Financial Account Information: Common Reporting Standard,” the FACT (Financial Accountability and Corporate Transparency) Coalition released the following statement from its Director, Nicole Tichon:

“Today’s announcement is a major step forward in the fight against tax evasion – a fight that is clearly global in nature with significant local implications for governments. The fact that the model agreement draws from U.S. standards for governments to exchange financial information demonstrates the efficacy of the Foreign Account Tax Compliance Act (FATCA).  And now efforts to repeal FATCA have been pushed on their heels, and the U.S. will need to move forward with the rest of the world.  Our resolve to combat tax evasion and improve financial transparency is strengthened by this global commitment.”

 

The OECD report is available here: http://www.oecd.org/tax/oecd-delivers-new-single-global-standard-on-automatic-exchange-of-information.htm
 

FACT Letter: Allow Offshore Tax Breaks to Expire

Read the letter from FACT and Partners.
 

Comment Letter on Sen. Baucus Proposal for International Tax Reform

Letter1_Response_to_Baucus_SIGN_on_FINAL.pdf
   

Tax Reform Principles

Read the tax reform principles proposed by TJN-USA and FACT coalition partners here.
 

FACT Coalition and Americans for Tax Fairness: No new tax holiday!

Read our joint letter to the House of Representatives here.

Read the press release here .

 

FOR IMMEDIATE RELEASE: Will Today's Hearing on Tax Games Cover New Territory?

Read the FACT press release.
 

FACT Coalition letter on corporate transparency in the New York Times!

Our partners at Global Witness organized the FACT letter to the Administration in anticipation of G8, signed by TJN-USA Chair Jack Blum.  Letter and quotes in the New York Times online and print editions.  Great work!!

http://www.nytimes.com/2013/06/10/us/politics/activists-ask-obama-to-shed-light-on-shell-companies.html?_r=0

 

TJN-USA's Chair Jack Blum's Op-Ed in the New York Times

Read the Op-Ed "Powerful Opposition to Simple Reforms" here.
 

The President's Corporate Loophole "Loophole" in the Budget

FOR IMMEDIATE RELEASE - APRIL 10, 2013

President Obama’s Budget: The Corporate Tax Loophole “Loophole”

Washington – In his budget, the President proposes measures to “crack down on opportunities to shift profits on intellectual property to low-tax countries and restrict the ability of companies to claim interest deductions while deferring U.S. tax on the associated income.  The Budget also proposes to disallow deductions for moving production overseas, while providing a new tax credit for bringing production back to the United States.”

The document also referenced the President’s previous proposal for a minimum corporate tax on foreign earnings, without any further indication on the details. 

“Members of the Financial Accountability and Corporate Transparency (FACT) coalition – including small business, labor, faith and human rights groups – support closing offshore tax loopholes as a priority in any budget proposal.  However, closing these loopholes in a way that would raise no new revenues, as the President proposes, reflects a step in the wrong direction,” said Nicole Tichon, who directs the FACT coalition and Tax Justice Network USA.

“While the Administration has continued to propose closing offshore tax loopholes each year, the notion that the revenue raised should be fed back to the same large, multinational corporations flies in the face of the interests of voters, small businesses and common sense.  In his remarks, the President opened with the fact that ‘corporate profits are at an all-time high,’ yet these same corporations are getting a free pass at the end of the day. They want all of the benefits and advantages of doing business here, but none of the responsibilities.”

Resources:

For a FACT sheet on offshore tax haven abuse by the numbers, click here.

Read the new survey of small businesses that demonstrates support for closing offshore tax loopholes here.

Read the U.S. PIRG report “Picking Up the Tab” on the impact of tax dodging on states, individuals and small businesses here.  

Watch clips on the territorial tax system and corporate tax dodging from “We’re Not Broke” here.

Read the letter sent to lawmakers from groups from across the country to express their support for policy solutions to close offshore tax loopholes.

Read Corporate Tax Dodgers – 2008 – 2010 – by Citizens for Tax Justice.

Read Offshore Revisited – A TJN Report on Offshore Wealth by James Henry.

Watch “Global Wealth Inequality - What You Never Knew You Never Knew here.

CONTACT:

Nicole Tichon

Executive Director

Tax Justice Network USA

This e-mail address is being protected from spambots. You need JavaScript enabled to view it

202-758-9552

 
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