Tax

Report | ConnPIRG | Tax

Picking Up the Tab 2014

Every year, corporations and wealthy individuals use complicated gimmicks to shift U.S. earnings to subsidiaries in offshore tax havens to reduce their state and federal income tax liability by billions. Tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law but they avoid paying for these benefits leaving ordinary taxpayers to pick up the tab.

News Release | ConnPIRG Education Fund | Tax

Connecticut could save $19.4 million with proven method to curb offshore tax dodging, new study finds

Connecticut taxpayers could save $19.4 from a reform to crack down on offshore tax dodging, according to a new report released today by ConnPIRG Education Fund. The reform, which has already been proven effective in Montana and passed in Oregon, would require companies to treat profits booked to notorious tax havens as domestic taxable income.

News Release | ConnPIRG | Tax

New Study: 82 of Top 100 Companies Used Tax Havens in 2012

With Congress considering big cuts to public programs, ConnPIRG released fresh evidence that the vast majority of large companies are dodging taxes by stashing money in offshore tax havens. In a study of the top 100 publicly traded companies, as measured by revenue, the study reveals that 82 maintain subsidiaries in offshore tax havens. Collectively, the companies report holding nearly $1.2 trillion offshore, with 15 companies accounting for two-thirds of the offshore cash.

Report | ConnPIRG | Tax

Offshore Shell Games

Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens – countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated $90 billion in federal income taxes each year.

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.

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.

News Release | Tax

House Committee Approves Cut to Agriculture Subsidies

Statement of U.S. PIRG Public Health Advocate Elizabeth Hitchcock on the House Appropriations Committee’s vote to approve an amendment to the 2012 Agriculture appropriations bill  to limit agriculture subsidies called direct payments to farmers with adjusted gross incomes lower than $250,000.

Report | Tax

Tax Shell Game: How Much Did Offshore Tax Havens Cost You in 2010?

Tax havens are countries with minimal or no taxes, to which U.S.-based multinational firms or individuals transfer their earnings to avoid paying taxes in the United States. Users of tax havens benefit from access to America’s markets, workforce, infrastructure and security, but pay little or nothing for it—violating the basic fairness of the tax system.

Media Hit | Tax

CT News Junkie: Report: Connecticut Failing on Spending Transparency

The second annual “Following the Money” report by the Connecticut Public Interest Research Group gave the state failing marks on government transparency due to its lack of internet information on government spending.

News Release | Food, Tax

Obama Budget Proposes Important First Cuts to Ag Subsidies

Statement of ConnPIRG Federal Public Health Advocate Elizabeth Hitchcock on the President’s proposed 2012 budget, which includes more than $1 billion in cuts over five years to agriculture subsidies that are achieved by reducing the cap on Department of Agriculture direct payments and tightening eligibility standards.

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