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News Release | U.S. PIRG | Tax

Last week’s other big bank settlement also shifts burden to taxpayers

Goldman Sachs will be able to take a $420 million tax write off on the bank's FHFA settlement for its mortgage misdeeds. A similar settlement paid in 2010 to the SEC specifically prohibited such tax deductions.

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Blog Post | Consumer Protection

We oppose merger between giants Comcast & Time Warner Cable | Ed Mierzwinski

Along with a number of state PIRGs, we have joined the Consumer Federation of America in a petition to deny the merger of cable/Internet giants Comcast & Time Warner Cable. The petition argues that the FCC must deny the merger, which would perpetuate unrestrained cable price increases, allow terrible service to deteriorate further and stifle innovation.

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News Release | U.S. PIRG | Tax

Bank of America settlement loophole creates at least $4 billion burden for taxpayers

 The Justice Department allows Bank of America to write off most of its legal settlement for mortgage abuses as a tax deduction, shifting at least $4 billion back onto taxpayers.

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Media Hit | Tax

Bank of America’s $16 Billion Mortgage Settlement Less Painful Than It Looks

“The American public is expecting the Justice Department to hold the banks accountable for its misdeeds in the mortgage meltdown,” said Phineas Baxandall, an analyst with the U.S. Public Interest Research Group, a consumer advocacy organization. “But these tax write-offs shift the burden back onto taxpayers and send the wrong message by treating parts of the settlement as an ordinary business expense.”

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News Release | U.S. PIRG | Tax

Taxpayers could be burdened with Bank of America’s upcoming Justice Department settlement

To understand how significant the BoA settlement really is, people need to ask how many billions the bank is allowed to write off as tax deductions, and how much of the announced figure includes ‘fake costs’ — costs the bank would have incurred anyway to protect its bottom line.

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News Release | U.S. PIRG | Higher Ed

President Obama Calls for End to Unsustainable Student Debt

In the annual State of the Union Address, President Obama called for an end to unsustainable student debt. Higher education is the right investment for our nation to rebuild its economy. In a time when students and families are struggling to make ends meet, congressional leaders need to be doing more, not less, to keep college accessible and affordable.

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News Release | U.S. PIRG | Budget, Tax

President Obama Poses Question: “Why Protect Special Interest Tax Breaks?”

Tonight, President Obama rightly called on Congress to close tax loopholes that allow wealthy special interests to shirk their tax burden at the expense of the public. The first loopholes to go should be those that allow corporations and wealthy individuals to use accounting gimmicks to stash their income in offshore tax havens.

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News Release | U.S. PIRG | Budget, Tax

New Legislation to Close Offshore Tax Loopholes Would Save Taxpayers $200 Billion

The CUT Loopholes Act would close a myriad of the most egregious offshore tax loopholes. This legislation is based on the premise that if a U.S. company earns profits here in the U.S., with the benefit of America’s educated workforce, infrastructure, and large consumer base, it should pay taxes in America, like small businesses and everyday taxpayers.

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News Release | U.S. PIRG and NCLC | Consumer Protection, Financial Reform

New FTC Study Points to Much-Needed Reforms for Credit Reporting Industry

Advocates from the National Consumer Law Center and U.S. PIRG lauded the findings of a Federal Trade Commission study made public today that confirms their own findings that credit reports are riddled with errors. The groups also urged the Senate to confirm a full-term director of the Consumer Financial Protection Bureau (CFPB) to eliminate any uncertainty over the CFPB’s supervisory authority to examine credit bureau operations and order reforms.

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News Release | U.S. PIRG | Budget, Tax

New Bill Will Stop Companies from Stashing Profits in Tax Havens, Raise $600 Billion in Tax Revenue

Ordinary taxpayers foot the bill for this corporate tax dodging in the form of cuts to public programs, more debt, or higher taxes. This legislation tackles the heart of the problem by ending incentives to shift profits offshore.

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Priority Action

We're teaming up with big restaurant chains to stop the overuse of antibiotics on factory farms. Call on KFC to stop selling meat raised on routine antibiotics.

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