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For Immediate Release
October, 17 2017, 03:15pm EDT
Contact:
Clark Gascoigne,Phone: (202) 813-0290,Email:,cgascoigne@thefactcoalition.org
New Study Highlights Danger of Near 0% Tax Rate for Profits Booked Offshore
ITEP/PIRG Report Reveals at Least 366 Corporations — 73 Percent — in the Fortune 500 Operate One or More Subsidiaries in Tax Haven Countries.
WASHINGTON
A new study released Tuesday highlights the widespread use of offshore tax haven loopholes by large multinational companies. The study highlights the danger of congressional proposals to exempt profits booked offshore from taxation, according to the Financial Accountability and Corporate Transparency Coalition (FACT Coalition). Titled "Offshore Shell Games 2017: The Use of Offshore Tax Havens by Fortune 500 Companies," the report was jointly published by the Institute on Taxation and Economic Policy (ITEP) and the U.S. PIRG Education Fund -- both members of the FACT Coalition.
Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement:
"This study reveals that large multinationals currently have $2.6 trillion booked offshore on which they are avoiding a staggering $752 billion in U.S. taxes.
"As Congress considers proposals to institute a near zero percent tax rate on profits booked offshore by multinational corporations, the findings in this report should give policymakers pause. The study shows that today's flawed tax system allows for gaming on a grand scale. But we shouldn't make it even worse.
"Proposals exempting profits booked to offshore tax havens from taxation could well mean that these companies never pay U.S. income taxes again. These tax giveaways hurt middle-class taxpayers who will pay either in higher taxes, larger deficits, or cuts to services they use. That's why, earlier this month, more than 100 organizations came out against plans by the White House and congressional leadership to open the largest offshore tax loophole in U.S. history."
The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.
(202) 827-6401LATEST NEWS
ICC Issues Arrest Warrants for Netanyahu, Gallant, and Hamas Leader
A panel of ICC judges said there are "reasonable grounds to believe" Israel's prime minister and former defense minister are guilty of "the war crime of starvation as a method of warfare" and other "crimes against humanity."
Nov 21, 2024
This is a developing news story... Please check back for possible updates...
After months of deliberation, the International Criminal Court on Thursday formally issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, former Israeli Defense Minister Yoav Gallant, and Hamas leader Mohammed Diab Ibrahim Al-Masri.
The ICC's Pre-Trial Chamber I, a panel of judges, said in a statement that it unanimously rejected Israel's challenges to arrest warrant applications submitted in May by Karim Khan, the chief prosecutor at the ICC.
"The Chamber issued warrants of arrest for two individuals, Mr. Benjamin Netanyahu and Mr. Yoav Gallant, for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest," the panel said, specifically alleging "the war crime of starvation as a method of warfare" and "the crimes against humanity of murder, persecution, and other inhumane acts."
The announcement came as the official death toll from Israel's war on the Gaza Strip surpassed 44,000.
The ICC judges said they "found reasonable grounds to believe" that Netanyahu and Gallant "intentionally and knowingly deprived the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity." The panel also said it "found reasonable grounds to believe that no clear military need or other justification under international humanitarian law could be identified for the restrictions placed on access for humanitarian relief operations."
"Finally, the Chamber assessed that there are reasonable grounds to believe that Mr. Netanyahu and Mr. Gallant bear criminal responsibility as civilian superiors for the war crime of intentionally directing attacks against the civilian population of Gaza," the judges added.
The panel issued a separate statement announcing an arrest warrant for Hamas leader Mohammed Diab Ibrahim Al-Masri, saying it found "reasonable grounds to believe" he is "responsible for the crimes against humanity of murder; extermination; torture; and rape and other form of sexual violence; as well as the war crimes of murder, cruel treatment, torture; taking hostages; outrages upon personal dignity; and rape and other forms of sexual violence."
Neither the U.S. nor Israel recognize the ICC's jurisdiction, and the decision is expected to spark backlash from both countries.
Over the summer, in response to Khan's May application for arrest warrants, the Republican-led U.S. House of Representatives passed legislation that would impose sanctions on the ICC. More than 40 House Democrats supported the measure, which has not received a vote in the narrowly Democratic Senate.
U.K. Member of Parliament Jeremy Corbyn, the former leader of the Labour Party, called the ICC arrest warrants "long overdue" and urged the government of Keir Starmer to "immediately endorse this decision."
"That is the bare minimum," Corbyn wrote on social media. "Will the U.K. government now, finally, honor its international obligations to prevent genocide and end all arms sales to Israel?"
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Musk and Ramaswamy Outline Plan for Mass Firings, Cuts to Antipoverty Programs
"The so-called Department of Government Efficiency is poised to make far-reaching recommendations that could have a devastating impact on Americans and enormously benefit insiders, starting with Musk himself."
Nov 21, 2024
The two right-wing billionaires President-elect Donald Trump has tasked with spearheading a new "government efficiency" commission outlined their vision Wednesday for the mass firing of federal employees, large-scale deregulation, and major spending cuts that could impact antipoverty programs, drug research and development, and more.
For the first time since Trump announced plans to create the Department on Government Efficiency (DOGE)—which, despite its name, would be an advisory commission rather than an actual federal department—Tesla CEO Elon Musk and biotech entrepreneur Vivek Ramaswamy offered a detailed look at how they plan to achieve their stated objective of taking a "chainsaw" to federal operations.
"We are assisting the Trump transition team to identify and hire a lean team of small-government crusaders, including some of the sharpest technical and legal minds in America," the pair wrote in an op-ed in The Wall Street Journal. "The two of us will advise DOGE at every step to pursue three major kinds of reform: regulatory rescissions, administrative reductions, and cost savings. We will focus particularly on driving change through executive action based on existing legislation rather than by passing new laws."
Decrying rules crafted by "unelected bureaucrats," Musk and Ramaswamy—unelected outside advisers—wrote that they intend to present to Trump "a list of regulations" they believe should be eliminated. The culling of regulations would, they argued, provide the justification for "mass headcount reductions"—corporate-speak for sweeping firings—across federal agencies, a plan the two wrote would not be deterred by civil service protections.
Watchdogs have noted that the regulatory cuts envisioned by the commission's co-leaders would likely benefit Musk's companies, at least three of which are currently under scrutiny from nine federal agencies.
"Based on Elon Musk's comments, the so-called Department of Government Efficiency is poised to make far-reaching recommendations that could have a devastating impact on Americans and enormously benefit insiders, starting with Musk himself," Public Citizen co-president Robert Weissman said Wednesday.
"A second Trump term will undoubtedly see a multipronged attack on any institution that seeks to constrain big business, and DOGE will lead the charge."
Musk and Ramaswamy also laid out a plan under which Trump would evade existing federal statutes such as the Impoundment Control Act to cut spending already allocated by Congress.
"DOGE will help end federal overspending by taking aim at the $500 billion-plus in annual federal expenditures that are unauthorized by Congress or being used in ways that Congress never intended, from $535 million a year to the Corporation for Public Broadcasting and $1.5 billion for grants to international organizations to nearly $300 million to progressive groups like Planned Parenthood," they wrote.
As The Washington Post's Jacob Bogage recently observed, the federal programs "without separate spending authorization" that Musk and Ramaswamy are targeting "represent more than $516 billion" and encompass key areas including veterans' healthcare, education spending, housing assistance, childcare aid, student loan programs, Head Start, opioid addiction treatment, and NASA.
Musk, a megadonor to Trump's 2024 presidential bid, claimed on the campaign trail that he would be able to identify "at least $2 trillion" in possible cuts to federal spending.
Casey Wetherbee, an Argentina-based writer, warned Wednesday that "Musk and Ramaswamy's admiration of Argentine president Javier Milei offers us a glimpse into their ideal end state."
"Ramaswamy tweeted on November 18: 'A reasonable formula to fix the U.S. government: Milei-style cuts, on steroids,'" Wetherbee wrote for Jacobin. "When Milei assumed office last year, he declared that conditions would worsen before things would get better; Musk similarly warned that DOGE’s recommendations may cause 'temporary hardship.' Meanwhile, in Argentina, Milei's austerity measures have targeted the country's social safety net, causing the poverty rate to skyrocket while only lowering taxes for the country's wealthiest citizens, a troubling outlook for a second Trump administration if DOGE's advice is ever implemented."
"A second Trump term will undoubtedly see a multipronged attack on any institution that seeks to constrain big business, and DOGE will lead the charge," Wetherbee added. "After all, in DOGE's public call for collaborators, it seeks 'super high-IQ small-government revolutionaries'; that's how they see themselves. We can only hope that, by virtue of how evidently insufferable they are, DOGE's relationship with the Trump administration flames out spectacularly."
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Senate Rejects Sanders' Bid to Halt Arms to Israel Over Gaza Atrocities
"Our taxpayer dollars should be used to fund education, housing, and healthcare for Americans, not to support the destruction of innocent lives abroad," said one advocacy leader "deeply saddened" by the votes.
Nov 20, 2024
The U.S. Senate on Wednesday refused to pass joint resolutions of disapproval proposed by Sen. Bernie Sanders that would prevent the sale of certain offensive American weaponry to Israel, which has killed nearly 44,000 Palestinians in Gaza since last fall.
S.J. Res. 111, S.J. Res. 113, and S.J. Res. 115 would have respectively blocked the sale of 120mm tank rounds, 120mm high-explosive mortar rounds, Joint Direct Attack Munitions (JDAMs), the guidance kits attached to "dumb bombs."
The first vote was
18-79, with Sen. Tammy Baldwin (D-Wis.) voting present and Sens. Mike Braun (R-Ind.) and JD Vance (R-Ohio)—the vice-president-elect—not voting. In addition to Sanders (I-Vt.), those in favor were: Sens. Dick Durbin (D-Ill.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Angus King (I-Maine), Ben Ray Lujan (D-N.M.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Jon Ossoff (D-Ga.), Brian Schatz (D-Hawaii), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.).
The second vote was 19-78—Sen. George Helmy (D-N.J.) joined those voting for the resolution. The third vote was 17-80.
"What this extremist government has done in Gaza is unspeakable, but what makes it even more painful is that much of this has been done with U.S. weapons and American taxpayer dollars."
Ahead of the votes, Sanders took to the Senate floor to highlight that his resolutions were backed by over 100 groups, including pro-Israel J Street; leading labor organizations such as the Service Employees International Union, United Auto Workers, and United Electrical Workers; humanitarian groups like Amnesty International; and various faith organizations.
"I would also point out that poll after poll shows that a strong majority of the American people oppose sending more weapons and military aid to fund Netanyahu's war machine," the senator said, referring to Israeli Prime Minister Benjamin Netanyahu. "According to a poll commissioned by J Street... 62% of Jewish Americans support withholding weapons shipments to Israel until Netanyahu agrees to an immediate cease-fire."
In addition to stressing that his proposals would not affect any of the systems Israel uses to defend itself from incoming attacks, Sanders argued that "from a legal perspective, these resolutions are simple, straightforward, and not complicated. Bottom line: The United States government must obey the law—not a very radical idea. But unfortunately, that is not the case now."
"The Foreign Assistance Act and the Arms Export Control Act are very clear: The United States cannot provide weapons to countries that violate internationally recognized human rights or block U.S. humanitarian aid," he continued. "According to the United Nations, according to much of the international community, according to virtually every humanitarian organization on the ground in Gaza, Israel is clearly in violation of these laws."
To illustrate the devastating impact of Israel's assault on Gaza—which has led to a genocide case at the International Court of Justice—Sanders quoted from an October New York Timesopinion essay authored by American doctors who volunteered in Gaza. For example, Dr. Ndal Farah from Ohio said: "Malnutrition was widespread. It was common to see patients reminiscent of Nazi concentration camps with skeletal features."
Sanders said that "what this extremist government has done in Gaza is unspeakable, but what makes it even more painful is that much of this has been done with U.S. weapons and American taxpayer dollars. In the last year alone, the U.S. has provided $18 billion in military aid to Israel... and by the way, a few blocks from here, people are sleeping out on the street."
"We have also delivered more than 50,000 tons of military equipment to Israel," he added. "In other words... the United States of America is complicit in all of these atrocities. We are funding these atrocities. That complicity must end, and that is what these resolutions are about."
Merkley, Van Hollen, and Welch joined Sanders in speaking in favor of the resolutions on Wednesday. Members of both parties also spoke out against them: Senate Majority Leader Chuck Schumer (D-N.Y.) and Sens. Ted Budd (R-N.C.), Ben Cardin (D-Md.), Lindsey Graham (R-S.C.), John Kennedy (R-La.), James Risch (R-Idaho), and Jacky Rosen (D-Nev.).
Cardin quoted talking points from the White House that were reported on earlier Wednesday by HuffPost. The outlet detailed how officials in outgoing President Joe Biden's administration suggested that "lawmakers who vote against the arms are empowering American and Israeli foes from Iran to the militant groups Hamas and Hezbollah, which the U.S. treats as terror organizations."
Just hours before the Senate debate, the Biden administration vetoed a United Nations Security Council resolution calling for an immediate cease-fire in Gaza—the fourth time it has blocked such a measure at the world body since the Hamas-led October 7, 2023 attack on Israel.
After the Senate votes, groups that supported Sanders' resolutions expressed disappointment.
Wa'el Alzayat, CEO of the Muslim advocacy group Emgage Action, said in a statement that "we have a moral obligation to stand up for the people of Gaza and demand an end to the constant bombardment they face. I'm deeply saddened that our U.S. senators shot down the joint resolutions calling for a halt in weapons to Israel. Our taxpayer dollars should be used to fund education, housing, and healthcare for Americans, not to support the destruction of innocent lives abroad."
"Continuing to provide Israel with unrestricted military aid to attack innocent civilians in Gaza and Lebanon is a moral failure—one the American government will look back on in horror as the situation gets unimaginably worse," Alzayat added. "While the resolution did not pass this time, we will continue working with lawmakers and allies to advocate for legislation that promotes justice and adherence to international law."
While these resolutions did not advance to the House of Representatives, Demand Progress senior policy adviser Cavan Kharrazian noted that "never before have so many senators voted to restrict arms transfers to Israel, and we are extremely grateful to those who did. This historic vote represents a sea change in how elected Democrats feel about the Israeli military's campaign of death and destruction in Gaza."
"We have all seen with our own eyes the thousands of innocent civilians who have been killed, displaced, and starved by weapons paid for with U.S. tax dollars," Kharrazian said. "Now, almost half of the Senate Democratic caucus is backing up our collective outrage with their votes. Supporters of this destructive war will try to claim victory but even they know that today's vote proves that the movement to end the war is growing, across America and in Congress, and we won't stop."
Center for International Policy executive vice president Matt Duss, who formerly served as Sanders' foreign policy adviser, similarly welcomed the progress, commending those who voted in favor of the resolutions for having "the courage to stand up for U.S. law, the rights of civilians in conflict, and basic decency."
"As civilian deaths, displacement, and disease among Palestinians in Gaza mount alongside open calls for ethnic cleansing by Israeli officials, the Biden administration is not merely failing to act—it is actively enabling the Netanyahu government's war crimes," he continued. "Rather than taking steps to bolster democracy, rights, and rule of law at home and abroad in advance of [President-elect] Donald Trump's second term, President Biden and his top officials are spending their precious last days in office lobbying against measures to protect U.S. interests and vetoing otherwise unanimously supported resolutions in the United Nations Security Council that reflect its own stated policies."
"The lawmakers who stood on the right side of history today will be remembered for their leadership and humanity," he added. "The same cannot be said about President Biden and those who help him abet starvation and slaughter in Gaza."
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