Friends of the Earth wants to close tax loopholes to generate revenue for international climate finance efforts.
Mandating that multinational corporations pay their "fair share" of taxes could be the key to funding climate solutions. This is what Friends of the Earth is proposing through their support of the Cut Unjustified Tax Loopholes Act (S. 2075). The legislation, introduced by Senators Carl Levin (D-MI) and Kent Conrad (D-ND), would close US tax loopholes and apply an estimated $155 billion over 10 years in newly available tax revenue toward public goods and services, including funding to help solve the climate crisis.
For this year's Tax Day, Friends of the Earth released an action alert asking individuals to urge their senators to cosponsor the "CUT Loopholes" act. The campaign consists of a broad coalition of public interest groups including labor unions and faith-based organizations who assert that cracking down on tax dodgers is a moral issue to ensure that the US contributes fairly to international climate finance efforts, including emissions reductions, helping vulnerable countries adapt to climate impacts, and developing clean energy technologies.