5 Nov 2017

A new leak of documents from an offshore law firm...expose a number of tax avoidance techniques used by the wealthy and multinational corporations to avoid taxes.

The new "Paradise Papers" stories ... raise questions about how the tax measures currently proposed by Congress will address offshore tax haven abuse, according to the Financial Accountability and Corporate Transparency (FACT) Coalition.

Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement:

"The Paradise Papers investigation demonstrates the extent to which creative lawyers, accountants, and multinational corporations will go to game the system and dodge their taxes.... These abuses only hurt U.S. domestic and small businesses as well as middle-class taxpayers who pay for them in some combination of higher taxes, larger deficits, and cuts to vital services.

"Given the list of major U.S. companies and prominent officials in this leak, the tax overhaul currently being discussed by Congress offers a prime vehicle to ensure that we close these loopholes and level the playing field for American taxpayers..."

[Also refers to Apple, Glencore, Nike, and Uber]