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Sign-on Letter to Congress Supporting the Stop Tax Haven Abuse Act

On March 30, 2009, GFI and 28 other organizations formally submitted a letter to the Congressional leadership asking them to support the Stop Tax Haven Abuse Act sponsored by Senator Carl Levin and Congressman Lloyd Doggett. 

Click here to download the PDF.

 


March 30, 2009

To: Congressional Leadership, Senate Finance, House Ways and Means Committees

 

The Honorable Harry Reid, Senate Majority Leader
The Honorable Mitch McConnell, Senate Minority Leader
The Honorable Nancy Pelosi, Speaker of the House
The Honorable Steny Hoyer, U.S. House of Representatives Majority Leader
The Honorable John Boehner, U.S. House of Representatives Minority Leader
The Honorable Max Baucus, Senate Finance Committee Chair
The Honorable Charles Grassley, Senate Finance Committee Ranking Member
The Honorable Charles B. Rangel, House Ways and Means Committee Chairman
The Honorable Dave Camp, House Ways and Means Committee Ranking Member

 

CC: The Honorable Joseph R. Biden, Treasury Secretary Timothy Geithner, Michael Froman

 


We the undersigned support new legislation to “restrict the use of offshore tax havens and abusive tax shelters to inappropriately avoid Federal taxation” (short title “Stop Tax Haven Abuse Act”) sponsored by Senator Carl Levin (S. 506) and Representative Lloyd Doggett (H.R. 1265) and introduced March 2, 2009. It is our belief that the proposed legislation represents a much-needed effort to increase transparency and accountability in offshore holdings.

 


Offshore tax abuse costs the United States $100 billion a year in uncollected tax revenue. Additionally, recent events such as the investigation of the Stanford Financial Group, the continuing legal battle between the Justice Department and Swiss bank UBS, and a December 2008 GAO report noting that 83 of the top 100 publicly traded U.S. companies have subsidiaries in tax havens underscore the need for strengthening anti-tax evasion law and increasing transparency in the global economic system.

 

This is a critical time in global finance. The G-20 has issued strong words of intent to address the economic crisis when it convenes April 2nd in London. Addressing transparency, especially as it pertains to tax havens and secrecy jurisdictions, is clearly needed. Calls to confront tax havens have come from several quarters, including the IMF, the Vatican and various governments. We are pleased to note that the Obama administration fully supports the Levin bill.

 

We welcome this increased focus from Congress on the problem of tax haven abuse. Improving overall transparency and accountability is critical in this time of economic recession and global financial restructuring.

 

Sincerely,


AFL-CIO
American Committees on Foreign Relations
American Federation of State, County and Municipal Employees (AFSCME)
Americans for Democratic Action, Inc
Bangladesh Development Research Center
Caux Roundtable
Center for Corporate Policy
Citizens for Tax Justice
Coalition on Human Needs
Corp Watch
Friends Fiduciary Corporation
Friends of the Earth
Global Financial Integrity
Government Accountability Project
Interfaith Council on Corporate Responsibility (ICCR)
Medical Mission Sisters
Missionary Oblates of Mary Immaculate
National Consumer League
National Women's Law Center
New Rules for Global Finance
OMB Watch
Public Citizen
Service Employees International Union (SEIU)
Sisters of St. Francis of Philadelphia
Tax Justice Network (U.S.A.)
Taxpayers for Common Sense
United for a Fair Economy
USAction
U.S. Public Interest Research Group (PIRG)

 
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