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Tax Blueprint’s Big Winners Are Corporate Tax Dodgers

Sept. 27 -- As the Trump administration and Congressional leaders unveil their plans for reworking taxes, the proposal contains recommendations that would allow multinational corporations to avoid taxes on the profits they book offshore.

Already, our loophole-ridden corporate tax code is rigged for and by big companies and their armies of tax lawyers.

There is an estimated $2.5 trillion in profits from U.S. companies stashed offshore, which, thanks to loopholes in the law, allows companies to indefinitely defer the taxes they own on that profit. Most of that money, 66 percent, is held by just 30 companies.

Opioids Becoming National Emergency: Time to Go After the Money

As the president declares that the opioid epidemic is a national emergency, our own research shows that we can fight opioid deaths by banning anonymous shell companies, often used to launder drug money. 

Here is a summury from our report "Anonymity Overdose" which was released last year: 

Opioid deaths now exceed those from motor vehicle accidents. It's clear we need to do more.

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Consumer Right to Take Financial Bad Actors to Court is Restored

On Monday, July 10, the Consumer Financial Protection Bureau finalized an important rule to prevent financial firms from using mandatory arbitration clauses to deny consumers the right to have their day in court. The small-print in these contracts made it nearly impossible for consumers without the financial resources to take on big banks by preventing class action lawsuits. Fair Share’s Phoenix Trent said of the rule:

“We commend the Consumer Bureau for restoring class action rights to financial customers. We know that this rule will help hold financial bad actors accountable for breaking the law. This new rule will help to protect and defend servicemembers, veterans and other vulnerable populations who were previously tricked into unfair forced arbitration practices which are designed to favor Wall Street over working Americans.”

Bipartisan Momentum Building for Shell Company Reform

On June 28, Rep. Carolyn Maloney (D-NY) and Peter King (R-NY) introduced legislation to shine a light on dirty money.

The “Corporate Transparency Act” aims to close a loophole which allows companies to be formed anonymously, and gives law enforcement and banks access to who owns and controls a company. This would end the use of anonymous shell companies -- a common tool for money laundering, tax evasion and other crimes.

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Right Problems, Wrong Solutions: Fair Share responds to Paul Ryan's tax reform push

In response to House Speaker Paul Ryan's renewed push, rolled out on Tuesday, June 20, around tax reform, Fair Share's Nathan Proctor said:

"There is a lot to the conversation about tax reform where there is broad agreement. Paul Ryan says we need to prevent offshoring, and we agree. He talks about getting rid of loopholes to make the tax code fairer, and we agree. He talks about shoring America up in anxious times, and we agree. But instead of closing loopholes, the plans we've seen would create new, bigger loopholes ...

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