The Financial Accountability & Corporate Transparency (FACT) Coalition is a nonpartisan alliance of over 100 state, national, and global groups working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impact of corrupt financial practices.
Our Goals
* End the use of anonymous shell companies as vehicles for illicit activity;
* Strengthen, standardize, and enforce anti-money laundering laws;
* Require greater transparency from multinational corporations to promote informed tax policy;
* Ensure that the US constructively engages in global financial transparency initiatives; and
* Eliminate loopholes that allow companies and individuals to offshore income and avoid paying their fair share of taxes.
Why It Matters
There's untold wealth hidden in secrecy jurisdictions worldwide. The wealth-stripping from corrupt practices and regimes, illegal activity, and legal-but-ethically-bankrupt tax avoidance schemes is larger than most can imagine. Because of the secret nature of the financial flows, it's impossible to know exactly the amount of money, but estimates range from $7.6 trillion to $32 trillion stashed in secrecy jurisdictions.
More than $2.4tr is currently stashed offshore by Fortune 500 companies, costing taxpayers nearly $700bn. Indeed, the annual cost of offshore tax avoidance by multinational companies is $94 billion to $135bn, while overseas tax evasion by individuals drains an additional $40bn to $70bn each year from the public.
We seek a larger conversation about how certain interests manipulate the tax system and undermine our ability to act collectively to solve problems. The secrecy, in particular, allows certain entities to play by a different set of rules than the rest of us. Globally, the secrecy facilitates corruption and impoverishes poor countries. In the US, we are complicit in the draining of wealth of other nations and fueling the austerity movement in our own.
The latest publication from FACT's Zorka Milin takes a look at one of the U.S.'s most wasteful corporate tax incentives, the Foreign-Derived Intangible Income (FDII) Deduction.
This single deduction costs Treasury tens of billions annually, all while failing to achieve its stated purpose of driving innovation and domestic investment.
Taxes are high on the agenda for the new #Congress. Top of the list are the soon-to-expire 2017 #Trump tax cuts. In the latest Talking Points, Zorka Milin dissects the expiring tax break called #FDII and explains how the supposed benefits to US #tech companies are not worth the enormous costs to the #Treasury. All for #free and only from IBFD & IBFD Americas
A must read, Steve Towers!
"Regulatory overload and government intrusion are real problems. But so are fentanyl traffickers, terrorist financiers and foreign adversaries. There are thousands of other ways to cut red tape without undermining national security."
The Hudson Institute's Nate Sibley makes the case for preserving the landmark Corporate Transparency Act crystal clear:
- Compliance is easy and free
- Information collected under the law can only be accessed by law enforcement and financial institutions
- The benefits of revealing the real owners behind anonymous companies used by drug smugglers, human traffickers, and other criminals are huge.
Read the full LTE here: https://lnkd.in/empfmAYx
#HiringNow
FACT seeks an energetic, organized candidate to support our communications and operations needs in 2025. This entry-level position is a great opportunity to gain experience with professional communications, grow a network of contacts in D.C., and develop knowledge of anti-corruption and financial transparency issues.
Apply here to join the amazing FACT team and help support our work combatting dirty money and corporate tax avoidance: https://lnkd.in/e_zhaAZ
Are you or someone you know looking for opportunities in Washington? Well, we've got good news: FACT is #Hiring!
FACT seeks a Communications and Operations Fellow to support our advocacy objectives in 2025. This is a great opportunity to join a winning Coalition of policy advocates at a critical juncture for many high-profile anti-money laundering and corporate tax priorities.
Learn more about the position and apply here: https://lnkd.in/e_zhaAZ
Are you or someone you know looking for opportunities in Washington? Well, we've got good news: FACT is #Hiring!
FACT seeks a Communications and Operations Fellow to support our advocacy objectives in 2025. This is a great opportunity to join a winning Coalition of policy advocates at a critical juncture for many high-profile anti-money laundering and corporate tax priorities.
Learn more about the position and apply here: https://lnkd.in/e_zhaAZ
"A Christmas gift to criminals who use anonymous shell companies to traffic fentanyl, exploit people, and hide dirty money.”
- FACT executive director Ian Gary
Read FACT's reaction to yesterday's nationwide injunction preventing enforcement of the Corporate Transparency Act.
https://lnkd.in/g749Z2KU
Victory! Many multinationals, including some big American companies known for tax dodging, will now have to reveal tax information under a just passed Australian law. FACT Coalition provided key input. Read the details in our press release. Congratulations to Jason Ward and all the crew Down Under! #taxtransparency#taxdodging
"Cryptocurrency is becoming attractive to hostile actors who seek ways to sidestep sanctions and exploit gaps in our financial protections. If Congress advances new rules on cryptocurrency this year, it must also advance tighter anti-money laundering requirements for the industry, as a means to support law enforcement and protect U.S. national security interests. . New FACT Coalition blog from our policy fellow Omer Niazi. https://lnkd.in/enumVH6q
