U.S. Rep Mark Pocan
Press Release

Rep. Mark Pocan Introduces Bill to Strengthen Corporate Tax Disclosure and Transparency

This legislation would require the disclosure of country-by-country and bottom line information about companies’ taxes.

By - Sep 22nd, 2016 02:48 pm

WASHINGTON, D.C. – Today, U.S. Rep. Mark Pocan (WI-02) introduced the Corporate Transparency and Accountability Act to shed light on tax avoidance and profit shifting activities. This legislation would require the disclosure of country-by-country and bottom line information about companies’ taxes to increase transparency for investors and the general public.

“As corporations continue to dodge taxes by shifting massive profits to overseas tax havens, it is now more important than ever to increase transparency around these actions,” Rep. Pocan said. “My legislation will show exactly where public companies are paying their taxes and engaging in business activity so investors and the general public are able to assess investment risk and identify tax avoidance activities.”

“With nearly two and a half trillion dollars booked offshore and governments cracking down on abusive tax avoidance, shareholders are increasingly at risk from the dearth of information available to them about the tax practices of the companies in which they invest. One needs to look no further than the decision requiring Apple to pay billions in back taxes to understand the growing risk. The bill calls for the kind of transparency that makes markets safer, more stable, and serve the needs of investors,” said Clark Gascoigne, deputy director of the FACT Coalition.

In June, the Treasury Department issued a rule directing large companies – those with $850 million or more in annual revenue – to provide the Internal Revenue Service (IRS) with financial data, including income and taxes paid, broken down by each country in which they operate. While the Treasury Department regulation offers an important step in tackling offshore profit shifting, we must take additional actions to strengthen transparency around multinational business activity.

Under the Corporate Transparency and Accountability Act, all publicly traded companies are directed to include country-by-country financial information in their public Securities and Exchange Commission (SEC) filing. This information mirrors the data collected by the IRS about large multinational companies under the Treasury Department’s recent rule, and includes country-by-country income, taxes paid, and indicators of economic activity. The legislation also requires the disclosure of total pre-tax profits and the amount paid in state, federal, and foreign taxes by public companies.

The legislation is currently cosponsored by Reps. Jan Schakowsky (D-IL), Lloyd Doggett (D-TX), and Gwen Moore (D-WI). The bill is also endorsed by the FACT Coalition and Global Financial Integrity.

Press Releases by U.S. Rep Mark Pocan

U.S. Rep Mark Pocan

Defeat of Trumpcare Today, a Victory for Grassroots Opposition

"Pulling Trumpcare from consideration today marks a major legislative defeat for President Trump and Congressional Republicans..."

U.S. Rep Mark Pocan

Pocan Introduces Bipartisan Bill Allowing Students to Refinance their College Loans

Over the last 30 years, the cost of college has increased by at least 300 percent.

U.S. Rep Mark Pocan

Comprehensive Legislation Would Safeguard Future Elections from Cyber-Attacks

First of Its Kind Bill Introduced By Reps. Mark Pocan, Keith Ellison, and Hank Johnson

U.S. Rep Mark Pocan

Pocan Statement on CBO Report That 24 Million Would Lose Coverage Under GOP Health Care Plan

"...this plan means millions of hard-working Americans will lose coverage while the wealthiest few get a massive tax cut."

U.S. Rep Mark Pocan

Pocan Statement on Trump’s 2nd Round Attempt at Unconstitutional Muslim Ban

"Rehashing this hateful and divisive travel ban not only sends the wrong message to immigrants and refugees, it also makes our country less safe."

U.S. Rep Mark Pocan

Trump Turns his Back on American Workers

By Already Reneging on his Buy America Plan

See More Releases

Leave a Reply

Your email address will not be published. Required fields are marked *