Press ReleaseNeutral2026-07-16

Pettersen, Van Hollen Lead Lawmakers in Introducing Legislation to Bring Transparency to Corporate Abuse of Tax Havens, Job Offshoring

TaxesForeign PolicyEducation

Context

This press release from Representative Brittany Pettersen (D-CO) was published on 2026-07-16 and titled "Pettersen, Van Hollen Lead Lawmakers in Introducing Legislation to Bring Transparency to Corporate Abuse of Tax Havens, ".

Full Text

Pettersen, Van Hollen Lead Lawmakers in Introducing Legislation to Bring Transparency to Corporate Abuse of Tax Havens, Job Offshoring

Today, U.S. Representative Brittany Pettersen (CO-07) and Senator Chris Van Hollen (Md.) led their colleagues in reintroducing the Disclosure of Tax Havens and Offshoring Act, legislation to provide transparency around corporations’ use of tax havens and incentives to offshore jobs. This bill would require public companies to disclose their financial reporting on a country-by-country basis. Ensuring public access to this information would both provide investors the tools they need to understand the tax structures and risks of the businesses in which they invest and give Americans insight into the extent to which the tax system is incentivizing the outsourcing of American jobs or enabling corporations to dodge U.S. taxes. Senator Van Hollen and Representative Pettersen were joined in introducing this legislation by U.S. Senators Dick Durbin (D-Ill.), Bernie Sanders (I-Vt.), Sheldon Whitehouse (D-R.I.), Richard Blumenthal (D-Conn.), Tammy Baldwin (D-Wis.), Elizabeth Warren (D-Mass.), Tammy Duckworth (D-Ill.), Tina Smith (D-Minn.), and Peter Welch (D-Vt.) and U.S. Congresswoman Eleanor Holmes Norton (D-D.C.). “As everyday families struggle to find jobs and pay for basic necessities, corporations are dodging taxes by shifting profits outside the country and making the rest of us pay. I'm proud to support this legislation that will require companies to disclose foreign operations, and ensure corporations pay into the system here at home,” said Congresswoman Pettersen. “The Disclosure of Tax Havens and Offshoring Act will increase transparency, and make corporations start paying their fair share.” “While working Americans struggle to get by, large corporations continue to ship jobs overseas and take advantage of tax loopholes to hide their profits. This bill will provide critical transparency to both the American public and investors as to how these corporations abuse our broken tax system and the risks they are taking in the use of offshore tax havens. We must stand up for American workers, end incentives for big corporations to offshore jobs, and unrig our broken corporate tax code. Sunlight is the best disinfectant – shining a light on this issue is the first step,” said Senator Van Hollen. While the Tax Cuts and Jobs Act established a new global tax framework, it also introduced incentives for large U.S. companies to shift profits and jobs overseas. The One, Big, Beautiful Bill Act largely preserved those incentives. New research shows that in 2025, large corporations reduced their tax liability by more than $11 billion through the use of tax havens. Firms continue to benefit from shifting profits because they can pool income and foreign taxes across affiliates in both high- and low-tax countries, while foreign income remains subject to a significantly lower U.S. tax rate than domestic income. The Disclosure of Tax Havens and Offshoring Act would ensure there is more transparency in these tax practices by requiring large corporations to disclose basic information on each of their subsidiaries, and country-by-country financial information that sums together all of their subsidiaries in each country – including profits, taxes, employees, and tangible assets. All of this information is already reported to the Internal Revenue Service, under an international Organization for Economic Co-operation and Development framework, but this legislation would ensure public disclosure to provide data on how international tax laws are working and where corporations are locating their business activities and taxes. Thus, when a corporation sends jobs overseas, their country-by-country financial report would show the extent to which the U.S. tax system is rewarding their behavior. This legislation is supported by the Financial Accountability Corporate Transparency (FACT) Coalition, Public Citizen, Institute for Taxation and Economic Policy, and the American Federation of State, County and Municipal Employees (AFSCME). Pettersen has also consistently fought for corporate accountability, including authoring legislation as a Colorado state senator that closed offshore tax loopholes corporations were using to dodge state taxes, recovering millions of dollars for Colorado's public schools. She serves on the House Financial Services Committee, where she continues pushing for financial transparency on behalf of working families, and has championed the Disclosure of Tax Havens and Offshoring Act in previous sessions of Congress as part of her broader effort to ensure corporations pay their fair share. A one-page summary of this bill is HERE . Text of the legislation is available HERE .

View original source →

Pettersen, Van Hollen Lead Lawmakers in Introducing Legislation to Bring Transparency to Corporate Abuse of Tax Havens, Job Offshoring Today, U.S. Representative Brittany Pettersen (CO-07) and Senator Chris Van Hollen (Md.) led their colleagues in reintroducing the Disclosure of Tax Havens and Offshoring Act, legislation to provide transparency around corporations’ use of tax havens and incentives to offshore jobs. This bill would require public companies to disclose their financial reporting on a country-by-country basis. Ensuring public access to this information would both provide investors the tools they need to understand the tax structures and risks of the businesses in which they invest and give Americans insight into the extent to which the tax system is incentivizing the outsourcing of American jobs or enabling corporations to dodge U.S. taxes. Senator Van Hollen and Representative Pettersen were joined in introducing this legislation by U.S. Senators Dick Durbin (D-Ill.), Bernie Sanders (I-Vt.), Sheldon Whitehouse (D-R.I.), Richard Blumenthal (D-Conn.), Tammy Baldwin (D-Wis.), Elizabeth Warren (D-Mass.), Tammy Duckworth (D-Ill.), Tina Smith (D-Minn.), and Peter Welch (D-Vt.) and U.S. Congresswoman Eleanor Holmes Norton (D-D.C.). “As everyday families struggle to find jobs and pay for basic necessities, corporations are dodging taxes by shifting profits outside the country and making the rest of us pay. I'm proud to support this legislation that will require companies to disclose foreign operations, and ensure corporations pay into the system here at home,” said Congresswoman Pettersen. “The Disclosure of Tax Havens and Offshoring Act will increase transparency, and make corporations start paying their fair share.” “While working Americans struggle to get by, large corporations continue to ship jobs overseas and take advantage of tax loopholes to hide their profits. This bill will provide critical transparency to both the American public and investors as to how these corporations abuse our broken tax system and the risks they are taking in the use of offshore tax havens. We must stand up for American workers, end incentives for big corporations to offshore jobs, and unrig our broken corporate tax code. Sunlight is the best disinfectant – shining a light on this issue is the first step,” said Senator Van Hollen. While the Tax Cuts and Jobs Act established a new global tax framework, it also introduced incentives for large U.S. companies to shift profits and jobs overseas. The One, Big, Beautiful Bill Act largely preserved those incentives. New research shows that in 2025, large corporations reduced their tax liability by more than $11 billion through the use of tax havens. Firms continue to benefit from shifting profits because they can pool income and foreign taxes across affiliates in both high- and low-tax countries, while foreign income remains subject to a significantly lower U.S. tax rate than domestic income. The Disclosure of Tax Havens and Offshoring Act would ensure there is more transparency in these tax practices by requiring large corporations to disclose basic information on each of their subsidiaries, and country-by-country financial information that sums together all of their subsidiaries in each country – including profits, taxes, employees, and tangible assets. All of this information is already reported to the Internal Revenue Service, under an international Organization for Economic Co-operation and Development framework, but this legislation would ensure public disclosure to provide data on how international tax laws are working and where corporations are locating their business activities and taxes. Thus, when a corporation sends jobs overseas, their country-by-country financial report would show the extent to which the U.S. tax system is rewarding their behavior. This legislation is supported by the Financial Accountability Corporate Transparency (FACT) Coalition, Public Citizen, Institute for Taxation and Economic Policy, and the American Federation of State, County and Municipal Employees (AFSCME). Pettersen has also consistently fought for corporate accountability, including authoring legislation as a Colorado state senator that closed offshore tax loopholes corporations were using to dodge state taxes, recovering millions of dollars for Colorado's public schools. She serves on the House Financial Services Committee, where she continues pushing for financial transparency on behalf of working families, and has championed the Disclosure of Tax Havens and Offshoring Act in previous sessions of Congress as part of her broader effort to ensure corporations pay their fair share. A one-page summary of this bill is HERE . Text of the legislation is available HERE .