Newsletter: June 7, 2010

We are getting ready to publicly launch our campaign, Business and Investors Against Tax Haven Abuse and we need your help.

Along with our partners the American Sustainable Business Council, Business for Shared Prosperity, and Growth & Justice, we are seeking thousands of business people and investors who will call on the President and Congress to strengthen our economy by enacting strong legislation to stop tax haven abuse.

Please sign our petition.

Why are we challenging tax havens? Responsible businesses are at a competitive disadvantage when other firms hide assets in tax havens and avoid paying their fair share of taxes. Our communities lose the revenue needed to fund essential services and the infrastructure that supports economic growth. An estimated $100 billion or more in tax revenue is lost every year to offshore accounts.

Washington has been hearing mostly from business lobbyists opposed to strong legislation to stop tax haven abuse. Underfunded, non-profit watchdog groups cannot provide enough pressure on Congress. The voice of business people and investors can make a crucial difference in this debate. Learn more about the campaign and share our campaign page on Facebook with friends, family and colleagues.

Thanks for your commitment to tax fairness,
Chuck, Alison, Bill, Bob, Ann and Scott

Take Action:

Please sign the petition calling on policymakers to end tax dodging and support a level playing field for business.

Send a letter to the editor to raise awareness about the cost of tax havens in your community.

Speak out. We are looking for business people who are willing to speak to the media in the coming weeks. Contact Bob Keener at bob@wealthforcommongood.org.

Upcoming Events

Please join us, in partnership with Headwaters Fund and Growth & Justice for two special events in Minneapolis:

* Monday, June 14th, 5:00-7:00 pm
* Tuesday, June 15th, 11:30 am-1:15 pm

You are invited to hear Ann Manning, Outreach Director for Wealth for the Common Good, speak on economic inequality and the role of business leaders and wealthy individuals in advocating for shared prosperity.

To RSVP contact ann@wealthforcommongood.org.

For more details >>>

In The News

In The News:

Wealth for the Common Good co-founder Chuck Collins was featured in the New York Times today, talking about estate tax reform.

Read the story >>>

The Times picked up on our recent HuffPost article about the first billionaire to die without an estate tax in place.

Read the story >>>

Promoting Financial Transparency:

Global Financial Integrity, a key ally in our work to stop tax haven abuse, is seeking 100,000 signers on a petition calling for the G-20 to insist on greater transparency in the world’s financial system, in order to address tax have abuse and other illicit flows of money.

Learn more and sign the petition at www.g20transparency.com.

Care to talk about taxation of carried interest?

Right now the jobs legislation pending in the Senate would close an unfair loophole that allows private equity and hedge fund managers to pay 15% capital gains tax rates on the income they receive from management services, so called “carried interest.” The new rules would tax this income at ordinary income tax rates and could raise over $14 billion in revenue.

Are you an investment manager who would be impacted by the carried interest provisions and supports this proposal? Contact Bob Keener at bob@wealthforcommongood.org if you are interested in speaking out on this issue at press events organized by our partners, including this week.

Featured Signers:

“As a former CPA, I have always found these ‘tricks’ of tax avoidance/evasion to be unconscionable. We need the revenue in order to govern responsibly, and our tax burden should be spread fairly.”
Sally Thomas, retired business owner

“It is only fair and just that all businesses pay their share of the costs of society.”
Robert Dyck, professor emeritus of Urban Affairs and Planning, Virginia Tech