Uniting more than 100 organizations in the U.S. to promote policies to combat corrupt financial practices and create a fair and transparent tax system.
Jan 17 • 16 tweets • 5 min read
Happening Now: @SenateBudget hearing on multinational tax avoidance, featuring experts from academia and the small business community.
Closing tax loopholes and ensuring tax transparency for MNEs are key first steps toward reform.
@SenateBudget @SenWhitehouse starts by noting that U.S. multinationals booked nearly 60% of their foreign profits in just 15 tax haven jurisdictions in 2020.
Under current rules, large U.S. MNEs pay about half the statutory rate on their foreign operations, before credits and other discounts.
Aug 18, 2022 • 15 tweets • 5 min read
For all of its benefits, the #InflationReductionAct missed🔑fixes to more definitively remove the incentive for large multinationals to shift profits offshore or erode the U.S. tax base. The U.S. must continue to prioritize int'l tax reform...🧵1/15 thefactcoalition.org/inflation-redu…
The #InflationReductionAct included a 15% corporate alternative minimum tax (CAMT) for the world's largest corporations. However, CAMT is not the 15% global minimum corporate tax agreed to by 137 jurisdictions at the OECD in October 2021 (Pillar 2). 2/ oecd.org/tax/beps/oecd-…
Aug 16, 2022 • 16 tweets • 5 min read
Today, @POTUS signed the Inflation Reduction Act (IRA). The IRA will, among other things, finally adequately fund the IRS over the next 10 years. This is one of the best investments 🇺🇸 can make based on💰returns and bolstering our democracy.
Long🧵1/
thehill.com/homenews/admin…2/ Returns on IRS funding under the IRA are expected to raise ~$204 billion over 10 years. 👀That is more than a 250% return to the U.S. government. 👀
Others (including Treasury) have predicted even more will be raised from ending IRS neglect. nber.org/system/files/w…
