Lawmakers Push to Stop Tax Haven Abuse

On Jan. 13, Rep. Lloyd Doggett (D-TX) and Sen. Sheldon Whitehouse (D-RI) introduced the Stop Tax Haven Abuse Act. The bill would eliminate incentives for U.S. companies to shift jobs overseas, close offshore loopholes to ensure corporations are paying their fair share in taxes, and change rules on corporate inversions

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Flow of Illicit Money Undermines Governments and Impedes Development

A lack of transparency in the global financial system hinders the ability of governments worldwide to stop the flow of illicit money that comes from crimes like tax evasion, money laundering, and bribery. These illegal flows rob many poor nations of their opportunity to develop and thrive.

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New Senate Report Shows Credit Suisse Aiding Tax Evasion, Draws Bipartisan Anger

Partisanship was noticably absent from last week‘s Senate hearing on efforts by a Swiss bank to profit by aiding U.S. tax evasion. Senators from both sides of the aisle were united in condemning the actions of executives from Credit Suisse. 

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Check the Box: The $10 Billion Tax Loophole

News of corporations taking advantage of tax loopholes to avoid paying their fair share toward the cost of government continues to flow in. Usually, closing these loopholes requires legislative action by a divided Congress, but there’s one $10 billion a year loophole that can be closed with a Treasury Department regulation.

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Senate Proposal for Infrastructure Bank Benefits Tax Dodgers

Sen.s Michael Bennet (D-CO) and Roy Blunt (R-MO) announced their intention to file legislation to establish an infrastructure bank funded by multinational corporations, which would receive significant tax forgiveness on their offshore profits in exchange for capitalizing the bank. The bill is the Senate companion of the Partnership to Build America Act (H.R.

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Baucus Proposal: Corporate Rate Reductions, No Sequester Relief

Sen. Max Baucus (D-MT) released a series of discussion drafts proposing elements of tax reform this week, including recommendations for international tax reform.

Baucus clearly states that tax reform overall should be revenue positive for deficit reduction, but the proposal for international taxation is revenue neutral in the long-run—leaving open the possibility of revenue positive reform of the individual tax system.

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Delaware Flaunts “Shell Company” Policy with New Website

The state of Delaware has launched a new website ( to promote Delaware’s business-friendly incorporation laws abroad.

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Ireland Closes “Ghost Companies” Loophole

On Tuesday, the Irish government announced plans to close a major tax loophole that had allowed Apple to avoid paying $40 billion in taxes.

The Irish tax loophole allowed firms to shelter profits by using “ghost companies.” These so-called “ghost companies” do not declare residency in any country, thereby avoiding paying taxes to any nation.

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CTJ Report: Proposal for Tax Holiday Rewards Tax Dodgers

Citizens for Tax Justice (CTJ) released a report yesterday criticizing Rep. John Delaney’s (D-MD) proposal to allow corporations a tax-free holiday.

Under the proposal, H.R. 2084, multinational corporations would be allowed to bring their untaxed profits back into the United States without paying any taxes, assuming they invest in a bank to fund infrastructure projects.

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White House to Combat Tax Evasion

The White House released a four-step National Action Plan this morning, June 18, outlining an initiative to tackle tax evasion and money laundering. The plan reflects an international initiative agreed upon by the U.S. and seven foreign governments at a G8 Summit being held in Northern Ireland.  

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