A group of seven Senate Democrats and one independent has written a
The group who signed last week’s letter includes Sen. Al Franken, D-Minn., Elizabeth Warren, D-Mass., Bernie Sanders, I-Vt., Dick Durbin, D-Ill., Edward Markey, D-Mass., Jeff Merkley, D-Ore., Sheldon Whitehouse, D-R.I., and Chris Van Hollen, D-Md. The letter suggests changes in FASB’s disclosure framework relating to the disclosure requirements for income taxes.
"We believe that large companies should disclose, among other things, their income, assets, number of employees, and taxes paid on a country by country basis,” wrote the lawmakers. "Recent estimates show that U.S. companies currently hold more than $2.6 trillion offshore, with significant holdings in tax haven jurisdictions. Country by country disclosure is important for policymakers and the general public, as the information will be useful in examining economic trends and addressing public policy issues. For example, as Congress considers potential tax reform legislation, many Americans want to know how tax changes will affect large companies with significant assets held overseas. Further, investors want this information, as they could face significant changes in the value of their investments if changes in international tax enforcement practices or tax rules affect companies they have invested in."
This Senate letter follows a similar
A number of prominent investor groups and financial analysts, including the
