FACT Coalition

NEW - FACT Coalition applauds bipartisan push back against Trump and U.S. Department of the Treasury moves to gut the Corporate Transparency Act. Senators Whitehouse and Grassley call on Treasury to fully implement Corporate Transparency Act "to prevent human trafficking, terrorist financing, border smuggling, drug distribution, and many other categories of criminal activity." Letter asks for "legal basis for the Treasury Department’s policy decision to categorically suspend enforcement of the CTA’s reporting requirements for all U.S. citizens and domestic reporting companies." https://lnkd.in/et3v_WNz

I told the The Wall Street Journal “hollowing out the Corporate Transparency Act is an unconstitutional subversion of Congress’ intent that will not survive judicial scrutiny.” FACT Coalition https://lnkd.in/erA_zyiX

Excellent coverage from International Consortium of Investigative Journalists (ICIJ) on the dire impacts of the Trump decision to halt enforcement of the Corporate Transparency Act. Coverage quotes me for FACT Coalition and our member Transparency International U.S. Scott Greytak. https://lnkd.in/ew8nUR9Z

The FACT Coalition was all over the news last week, but this was sadly because of the destruction being done to laws and institutions important to our mission to fight dirty money and build a fair and transparent tax system. Read more in our latest newsletter and join our cause. https://lnkd.in/ejQu-exN

U.S. Department of the Treasury's gutting-by-tweet of the Corporate Transparency Act - the most important anti-money laundering law of the last two decades - is a boon for fentanyl traffickers, domestic criminals, and tax cheats. The timing of this move, its contradiction of recent statements by FinCEN and DOJ, and the lack of formal procedure involved all raise significant concerns. Read FACT's full reaction, including quotes from Transparency International U.S., Main Street Alliance, and other members + allies: https://lnkd.in/gbkTtuGe

Sunday Night Massacre by the U.S. Department of the Treasury. “With one tweet, the Administration has contradicted fifteen years of bipartisan work by Congress to end the scourge of anonymous shell companies – which are a favorite tool of our nation’s global adversaries and criminals including fentanyl traffickers, money launderers, and tax cheats,”?said Ian Gary, executive director of the FACT Coalition.?“Hollowing out the Corporate Transparency Act is an unconstitutional subversion of Congress’ intent that will not survive judicial scrutiny.” https://lnkd.in/eGJ_WZm7

On Sunday, the Administration announced changes gutting a major US anti money laundering law. We should all be concerned. “With one tweet, the Administration has contradicted fifteen years of bipartisan work by Congress to end the scourge of anonymous shell companies – which are a favorite tool of our nation’s global adversaries and criminals including fentanyl traffickers, money launderers, and tax cheats,”?said Ian Gary, executive director of the FACT Coalition.?“Hollowing out the Corporate Transparency Act is an unconstitutional subversion of Congress’ intent that will not survive judicial scrutiny.”? https://lnkd.in/eet_2pw6

“With one tweet, the Administration has contradicted fifteen years of bipartisan work by Congress to end the scourge of anonymous shell companies – which are a favorite tool of our nation’s global adversaries and criminals including fentanyl traffickers, money launderers, and tax cheats,”?said Ian Gary, executive director of the FACT Coalition.?“Hollowing out the Corporate Transparency Act is an unconstitutional subversion of Congress’ intent that will not survive judicial scrutiny.” https://lnkd.in/g4eGb8yB

7News had a chance to discuss DOGE firing 6,000 workers at the IRS with Ian Gary, Executive Director of the FACT Coalition. He fears that these cuts are likely to disproportionately affect recent investments and hirings put in place for special assignments. “Congress appropriated billions of dollars to invest in the IRS to make sure that the wealthy, and rich and powerful corporations are not able to evade taxes,” Gary said. “We are very concerned that these staffing cuts are going to hit some of the newer employees whose jobs are to specifically investigate and undertake complex investigations to go after this kind of tax evasion.” Read more here: https://lnkd.in/eXHUdsxW

Tax evasion is a crime. Deep cuts to Internal Revenue Service staffing will harm Americans, aid wealthy tax cheats and corporate tax dodgers, and harm our democracy. My FACT Coalition statement - IRS Layoffs Threaten Gains on Tax Enforcement, Fairness, and Revenue Collection https://lnkd.in/eVCgKsDy