March 8, 2012
Amendment Would Raise $900 Million Over 10 Years
WASHINGTON, DC – Global Financial Integrity (GFI) today joined several other civil society organizations encouraging U.S. Senators to support the offshore tax evasion amendment (S.A. 1818) to the highway reauthorization bill. The amendment, sponsored by Senators Carl Levin (D-MI) and Kent Conrad (D-ND), is expected to come up for a vote this evening.
The provision would grant the U.S. Treasury Department “a discretionary tool to stop off-shore tax havens and their financial institutions that ‘impede U.S. tax enforcement’ from transacting business in the United States.” The Joint Committee on Taxation estimates the provision would raise $900 million in government revenue over ten years.
“This amendment provides the Treasury Department with an important tool to combat offshore tax evasion depriving our country of much needed tax revenue,” said Heather Lowe, director of Government affairs at Global Financial Integrity. “It’s a measure that all Senators should be able to support.”
The Financial Accountability and Corporate Transparency (FACT) Coalition, of which GFI is a member, yesterday sent a letter to all members of the Senate encouraging Senators to support the provision. The letter can be downloaded here.
Notes to Editors:
- Download the description of the Levin-Conrad Amendment To Authorize Action Against Those That Significantly Impede Us Tax Enforcement
- Download the letter from the FACT Coalition to the Senate
- Click here for more information on S.A. 1818.
- Click here to read a blog post further explaining why this amendment should be adopted.
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Global Financial Integrity (GFI) is a Washington, DC-based research and advocacy organization which promotes transparency in the international financial system.
For additional information please visit www.gfintegrity.org.