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Financial Reform Advocates Call on the Senate to Close Expensive Tax Loopholes January 16th, 2014
The Oblate JPIC Office joined others in the FACT Coalition in signing a letter sent this morning to Chair of the Senate Finance Committee, Max Baucus, on proposed international tax reform. The group said a proposal before the Committee “rightly identifies the need to stop corporations from shifting profits to offshore tax havens to avoid taxes. Unfortunately, the proposal falls short in three critical ways and leaves room for the offshoring of jobs and profits to continue:”
1. “It does not sufficiently end incentives for multinational corporations to shift profits offshore, which costs taxpayers an estimated $90 billion per year and creates an uneven playing field for small and domestic businesses.”
2. “It is revenue neutral, earmarking all the revenue raised from closing loopholes for reductions in the corporate tax rate. With federal revenue from corporations hovering at multigenerational lows, precisely because of the offshore profit shifting incentives, this is unacceptable.”
3. “It should hold corporations accountable to report their profits and revenues in a consistent manner to government, shareholders and the public.”
In arguing for doing away with lucrative corporate tax loopholes, the reform-minded groups argue that “Corporations benefit from the operation of government just as individuals do (and more so in some cases due to myriad tax benefits and lucrative contracts) and should be expected to contribute to financing our democracy, public services and rule of law. However the corporate share of federal revenue was just eight percent in 2011, having declined by more than 60 percent in the last 50 years.”
“Due to huge loopholes and other factors, dozens of big corporations pay no federal income taxes, while reaping billions of dollars in profits. According to the Government Accountability Office, corporations pay just a 12.6 percent effective tax rate, far below the statutory rate of 35%.”
Learn more, read the letter to Senate Finance Committee Chair Max Baucus (Download PDF)
National Migration Week 2014: Out of the Darkness December 20th, 2013
The Missionary Oblates JPIC Office will join the U.S. Conference of Catholic Bishops (USCCB) and its Justice for Immigrants Campaign in celebrating National Migration Week, January 5-11.
The theme for the 2014 National MigrationWeek is “Out of Darkness”. This theme is an invitation to the faithful community to reflect and recommit in its support of migrants, especially the most vulnerable: the undocumented, refugees, asylum seekers, and victims of human trafficking. These migrants are the most vulnerable and run the risk of violence and exploitation on the daily basis.
As part of the National Migration Week celebration, the USCCB Justice for Immigrants initiative will launch a postcard campaign, a national call-in day and a social media day. We encourage you and your local community to use the resources at the National Migration Week website at the United States Conference of Catholic Bishops.
Pope Francis and the Social Responsibility of Corporations December 20th, 2013
Fr. Seamus Finn, OMI argues that the “recent distraction about the purported “Marxist” beliefs of Pope Francis pronounced by people who have obviously not taken the time to read his recent exhortation “Evangelii Gaudium”, (The Joy of the Gospel) is just that, a distraction.”
The real news, intentionally buried by this distraction, is that a growing portion of the business community acknowledges that their “social license to operate”, their corporate charter and their commitment to “good citizenship” demands that they integrate the social values and policies that the Holy Father and others in the faith community espouse into their business models.”
Read more about how the corporate sector is responding to the demands for more ethical and sustainable practices. Read Fr. Finn’s latest blog on Huffington Post.
ICCR Shareholders Confront Banks Over Recent Scandals December 20th, 2013
The efforts of the Missionary Oblates and other ICCR faith-based shareholders to call the major banks to account in the wake of a flood of legal scandals and regulatory investigations, has won the attention of the media.
An article in the Wall Street Journal’s Market Watch, highlights the shareholder proposals filed by religious shareholder groups with J.P. Morgan Chase & Co. JPM , Bank of America Corp. BAC and Wells Fargo & Co. WFC asking for a report on “business standards”. The proposal says, “We believe shareholders deserve a full report on what the bank has done to end these unethical activities, to rebuild credibility and provide new strong, effective checks and balances within the bank,” the shareholders write in the Wells Fargo proposal, with similar language for the other two banks. “While press releases describe specific settlements or new reforms, the overall picture has not been reported adequately to shareholders.”
Father Seamus Finn, a board member of ICCR, and a shareholder lead with several of the banks, called the requests “a win-win” for the banks and shareholders, giving them an opportunity to showcase how they’re addressing “the many issues of the day.”
Learn more. Read the WSJ article…
Solidarity with the Fast for Families Seeking Immigration Reform December 14th, 2013
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On November 12th, activists and faith leaders in San Antonio, Texas, offered support to the fasters on the Mall in Washington, D.C. calling for the US Congress to take action on immigration reform. As the D.C. fast came to an end, members of the San Antonio community participated in two activities designed to keep consciousness of the effects of the fast alive.
In the morning, a press conference was held at the Cesar E. Chavez Education and Legacy Foundation to announce the beginning of the passing of the “cruzita” (cross), much like Cesar Chavez did during his famous hunger strike. The Foundation passed a cross to its members asking them to fast for at least a day, to let people know why they are fasting, and then to past the cross on to someone else.
In the evening, as people gathered for prayer and Mass at Our Lady of Guadalupe Church in the inner city, the Foundation came to the church to announce the passing of the cruzita and to ask organizations and individuals, “Who will join this fast?” Community volunteers made small crosses and offered them to people as they entered the church. All 20 crosses that were made were accepted and more could have been distributed. San Antonio will continue to raise its voice for justice and dignity for immigrants.
(With gratitude to Patti Radle, a member of the Oblate JPIC Committee who helped to organize this fast for families, and Fr Bob Wright OMI, who also participated in the event.)
Bob Wright and Patti Radle are on the left.
