Panama FTA Empowers Tax Dodgers

On Monday, April 18th, NY CTC Director Brooke Newell addressed a group of over 100 people participating in a nationwide tax day campaign called “Make Them Pay”.  The rally, held in front of the downtown Albany NY branch of Bank of America, drew union, peace and environmental activists, students, and members of the faith community to protest that corporations like Bank of America, GE, and Exxon Mobil pay virtually no taxes.

Members of NY CTC distributed leaflets asking people to call on their members of congress to vote NO on the proposed free trade agreement with Panama, a notorious tax haven.  Folks learned that the Panama FTA would lock in many of Panama’s weak bank secrecy rules; it would grant thousands of Panamanian-chartered subsidiaries NAFTA-style investor rights enabling them to challenge U.S. public interest laws, financial regulations and other policies in international tribunals that circumvent the U.S. judicial system; and that on the campaign trail, then-candidate Obama argued, “It’s time to close corporate loopholes, shut offshore tax havens, and restore fairness to the tax code.”