Demand Transparency from Tax Dodgers
Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC), which regulates all U.S. corporations, has given you – the public – until Wednesday, November 2, to submit a comment in support of improved corporate transparency.
We have an opportunity to achieve an important victory that would require U.S. corporations to disclose the amount of profits they have stashed in foreign subsidiaries located in tax havens, and the amount of taxes they owe to the United States.
Without this improved transparency, corporations will be free to continue their massive use of tax havens, and we will not know what they truly owe in taxes.
Please sign below and we will deliver this statement on your behalf to the SEC by Wednesday, November 2.
To:
Securities and Exchange Commission
From:
[Your Name]
Comment to the Securities and Exchange Commission About Proposed Rule S7-15-16, “Disclosure Update and Simplification”
Offshore tax dodging by multinational corporations loses more than $100 billion a year in revenue, money that is desperately needed to invest in America – rebuilding roads and bridges, educating our children, researching new medical cures and so much more.
That is why I am writing to strongly urge the SEC to include in your proposed rule (S7-15-16) a requirement that U.S. corporations publicly disclose on an annual country-by-country basis their activities in foreign countries.
Specifically, I believe corporations should be required to publicly disclose their foreign revenues, profit or loss before taxes, income tax paid, effective tax rate, accumulated profits, and number of employees. In addition to country-by-country disclosure, corporations should be required to calculate and disclose the aggregate amount they would owe in U.S. taxes should their offshore profits be repatriated to America.
Greater corporate transparency is critical for investors, lawmakers and the general public. We need to know where U.S. corporations are operating, whether they are making significant profits in tax havens, how much tax – if any – they are paying on those profits, and the taxes they owe to the United States.
Thank you for considering my comments.