Close Corporate Tax Loopholes

LOOPHOLES COST TAXPAYERS $100 BILLION LAST YEAR

No company should be able to game the tax system to avoid paying what it legitimately owes. And, yet, establishing shell companies in offshore havens for the purpose of tax avoidance is becoming more the rule than the exception for at least 83 of the nation's top 100 publicly traded companies. GE, Google, Goldman Sachs and dozens of others have created hundreds of phantom entities with nothing more than a clever tax attorney and P.O. box.

Official estimates of how much we lose in tax revenue are between $70 billion and $100 billion per year. That's money that is shouldered by average taxpayers, either through additional taxes today or additional debt to be paid by the next generation. It’s not illegal, but it’s not right. The result? The average taxpayer paid $434 more this year to cover the $100 billion that GE and others that use offshore tax havens skipped out on. And small businesses and companies that don’t use these schemes have to struggle to compete with those that do.

Meanwhile, the state legislature and Congress are considering deep cuts for essential public programs — from education, to health care, to clean air and drinking water. They’re asking us to tighten our belts and make sacrifices, while giving the tax haven crew a free ride. We are pushing for common-sense changes that simply say that if corporations are based here and generate profits here, then they should, like all of us who earn income here, pay the taxes they owe.

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News Release | ConnPIRG | Budget

Offshore Tax Havens Cost Average Connecticut Taxpayer $1,965 a Year, Connecticut Small Business $5,989

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. ConnPIRG released a new study today which revealed that the average Connecticut taxpayer in 2012 would have to shoulder an extra $1,965 in taxes – more per taxpayer than in any state in the country. - to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

Report | ConnPIRG | Budget

Picking Up the Tab 2013

Some U.S.-based multinational firms and individuals avoid paying U.S. taxes by using accounting tricks to shift profits made in America to offshore tax havens—countries with minimal or no taxes. They benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

News Release | ConnPIRG Education Fund | Budget

Connecticut Receives a “C+” in Annual Report on Transparency of Government Spending

Hartford, March 27 – Connecticut received a “C+” when it comes to government spending transparency, according to “Following the Money 2013: How the States Rank on Providing Online Access to Government Spending Data,” the fourth annual report of its kind by the ConnPIRG Education Fund.

Report | ConnPIRG Education Fund | Budget

Following the Money 2013

Every year, state governments spend tens of billions of dollars through contracts with private entities for goods and services, subsidies to encourage economic development, grants, and other forms of spending. Accountability and public scrutiny are necessary to ensure that state funds are well spent.

News Release | ConnPIRG Education Fund | Budget

Offshore Tax Dodging Blows a $904 Million Hole in Connecticut Budget:

Hartford – With Connecticut in the midst of ongoing budget challenges, ConnPIRG, joined by Representatives Bryan Hulburt, Susan Johnson and Diana Urban, released a new study revealing that Connecticut lost $904 Million due to offshore tax dodging in 2012. Many of America’s wealthiest individuals and largest corporations, including Connecticut companies General Electric, Aetna, Hartford Financial Services, Travelers and United Technologies use tax loopholes to shift profits made in America to offshore tax havens, where they pay little to no taxes.

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News Release | ConnPIRG | Budget

Offshore Tax Havens Cost Average Connecticut Taxpayer $1,965 a Year, Connecticut Small Business $5,989

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. ConnPIRG released a new study today which revealed that the average Connecticut taxpayer in 2012 would have to shoulder an extra $1,965 in taxes – more per taxpayer than in any state in the country. - to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

News Release | ConnPIRG Education Fund | Budget

Connecticut Receives a “C+” in Annual Report on Transparency of Government Spending

Hartford, March 27 – Connecticut received a “C+” when it comes to government spending transparency, according to “Following the Money 2013: How the States Rank on Providing Online Access to Government Spending Data,” the fourth annual report of its kind by the ConnPIRG Education Fund.

News Release | ConnPIRG Education Fund | Budget

Offshore Tax Dodging Blows a $904 Million Hole in Connecticut Budget:

Hartford – With Connecticut in the midst of ongoing budget challenges, ConnPIRG, joined by Representatives Bryan Hulburt, Susan Johnson and Diana Urban, released a new study revealing that Connecticut lost $904 Million due to offshore tax dodging in 2012. Many of America’s wealthiest individuals and largest corporations, including Connecticut companies General Electric, Aetna, Hartford Financial Services, Travelers and United Technologies use tax loopholes to shift profits made in America to offshore tax havens, where they pay little to no taxes.

News Release | ConnPIRG | Tax

First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes

With Congress scrambling to agree on ways to reduce the deficit, ConnPIRG pointed out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government $150 billion in tax revenue each year. ConnPIRG released new data illustrating the size of this loss with 16 dramatic ways $150 billion could be spent.

News Release | ConnPIRG Education Fund | Budget

New Report: Connecticut Receives a “B” in Annual Report on Transparency of Government Spending

Connecticut received a “B” when it comes to government spending transparency, according to Following the Money 2012: How the States Rank on Providing Online Access to Government Spending Data, the third annual report of its kind by the Connecticut Public Interest Research Group (ConnPIRG).

Pages

Report | ConnPIRG | Budget

Picking Up the Tab 2013

Some U.S.-based multinational firms and individuals avoid paying U.S. taxes by using accounting tricks to shift profits made in America to offshore tax havens—countries with minimal or no taxes. They benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

Report | ConnPIRG Education Fund | Budget

Following the Money 2013

Every year, state governments spend tens of billions of dollars through contracts with private entities for goods and services, subsidies to encourage economic development, grants, and other forms of spending. Accountability and public scrutiny are necessary to ensure that state funds are well spent.

Report | ConnPIRG Education Fund | Budget

The Hidden Cost of Offshore Tax Havens

When U.S. corporations and wealthy individuals use offshore tax havens to avoid paying taxes to the federal government, it is an abuse of our tax system. Tax haven abusers benefit from our markets, infrastructure, educated workforce, and security, but they pay next to nothing for these benefits. Ultimately, taxpayers must pick up the tab, either in the form of higher taxes, cuts to public spending priorities, or increased national debt.

Report | ConnPIRG | Tax

What America Could Do with $150 Billion Lost to Offshore Tax Havens

Many corporations and wealthy individuals use offshore tax havens—countries with minimal or no taxes—to avoid paying $150 billion in U.S. taxes each year.

Report | ConnPIRG Education Fund | Budget

Following the Money

The ability to see how government uses the public purse is fundamental to democracy. Transparency in government spending promotes fiscal responsibility, checks corruption, and bolsters public confidence. In the past few years, state governments across the country have made their checkbooks transparent by creating online transparency portals. These government-operated websites allow visitors to view the government's checkbook to see who receives state money, how much, and for what purposes.

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Some of the nation’s best-known companies — including GE, Google and Goldman Sachs — have avoided paying the taxes they owe, costing us $100 billion last year.

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