A Year in Review
- Defeated the Pfizer-Allergan inversion to save taxpayers $35 billion and build support for broader anti-inversion legislation. ATF led the effort to successfully get the Treasury Department to promulgate regulations that would take away the tax benefits of the Pfizer inversion. An inversion occurs when a larger U.S. corporation merges with a smaller foreign firm in order to change its legal address, typically to a tax haven. ATF released two major reports that explained how little Pfizer was already paying in taxes and how it would get up to a $35 billion tax break if the inversion succeeded. ATF used the Pfizer inversion work to build support for comprehensive anti-inversion legislation.
- Led the effort for progressive corporate tax reform and opposition to international corporate tax “reform” that favors multinationals. Corporate tax reform, especially reform of how U.S. multinationals are taxed, was the top tax reform priority in Congress. ATF pursued three goals: Corporations need to pay their fair share of taxes so we have the resources to create an economy that works for all Americans. 2. Corporations should pay the $700 billion they already owe on $2.5 trillion in existing offshore profits. 3. Our tax system should not encourage corporations to shift jobs and profits offshore. Among other things, this requires building a strong base of support among 20 Senators and the House Congressional Progressive Caucus.
- Conducted a pharmaceutical industry education project about price gouging and tax dodging. Rising prescription drug prices are a potent issue and many multinational drug companies are big tax dodgers. ATF created this project tying these two issues together under the theme Rx Drug Companies: Price Gougers & Tax Dodgers. It provided a means to engage members of Congress, aging and health care groups and Netroots groups on tax issues and provide a potentially powerful meme during an election year. ATF prepared three major reports that garnered more than 150 news stories and op-ed placements.
- Worked to improve corporate disclosure of offshore revenue, profits and taxes. ATF urged the IRS, Securities and Exchange Commission and Federal Accounting Standards Board to require country-by-country reporting of offshore corporate activities. Our priorities were disclosure of the presence of U.S. multinationals in tax havens and other countries, size of the organizational footprint, sales and income generated and taxes paid. This disclosure will provide the tools needed to help prevent the shifting of profits offshore to avoid taxes.
- Secured more than 420 media hits in national and state publications for our work. Major highlights can be found here.
- Conducted voter education and candidate accountability under our partner organization, Americans for Tax Fairness Action Fund. ATFAF coordinated the tax community’s work with presidential campaigns and led an effort to demand that Donald Trump disclose his taxes.