Close Corporate Tax Loopholes

Across the country, some of the nation’s most prosperous people and companies — including GE, Google and Goldman Sachs — have avoided paying the taxes they owe, costing taxpayers $150 billion just last year.

TAX HAVENS COST US $150 BILLION A YEAR

No company should be able to game the tax system to avoid paying what it legitimately owes. And, yet, with atleast 83 of the nation's top 100 publicly traded companies establishing shell companies in offshore havens to avoid taxes, this is becoming more the rule than the exception. 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. 

Most recent academic studies estimate that about $150 billion in tax revenue is lost every year to offshore tax havens. The result? Cuts to public services, additional taxes today or additional debt to be paid by the next generation. 

It’s not illegal, but it’s not right.

Meanwhile . . . the average taxpayer paid $1,026 more to cover the billions that GE and others skipped out on last year, companies that don’t use these schemes keep struggling to compete with those that do, and state legislatures and Congress are considering deep cuts for essential public programs — from education, to health care, to clean air and drinking water.

We're being asked to tighten our belts and make sacrifices while giving the tax haven crew a free ride. U.S. PIRG is pushing for commonsense 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.

Issue updates

News Release | U.S. PIRG | Tax

Justice Department Settlements Last Month Could Leave Taxpayers Subsidizing $220 Million for Corporate Misdeeds

Taxpayers could end up shouldering up to $220 million in tax breaks as a result of eight settlements totaling close to $630 million that the Justice Department signed between July 30th and August 30th.

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Media Hit | Tax

Close BP’s Oil Spill Tax Loophole

Washington D.C. paper runs U.S. PIRG's letter calling for closing the settlement tax loophole.

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News Release | U.S. PIRG | Tax

Taxpayers Win: EPA Bars Safeway from Using Settlement as a Tax Write-Off

Good news for taxpayers: The settlement agreement announced by the EPA bars Safeway from using its Clean Air Act violation settlement as a tax write-off. We applaud the EPA for holding Safeway fully accountable for its actions, and not letting them stick taxpayers with the tab for their wrongdoing.

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News Release | U.S. PIRG | Tax

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

With Congress considering big cuts to public programs, U.S. PIRG 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.

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Report | U.S. PIRG | Tax

Offshore Shell Games

This study reveals that tax haven use is ubiquitous among the largest 100 publicly traded companies as measured by revenue. 82 of the top 100 publicly traded U.S. companies operate subsidiaries in tax haven jurisdictions, as of 2012. All told, these 82 companies maintain 2,686 tax haven subsidiaries.

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

New Maine Spending Transparency Website Announced in Governor’s Speech

The state of Maine launches a new spending transparency website with many strong features and some significant shortcomings.

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

New Study: Offshore Tax Dodging Blows $40 Billion Hole in State Budgets

With states across the country facing dire fiscal crunches and lawmakers in Washington gearing up for more budget showdowns, U.S. PIRG Education Fund released a new study revealing that state budgets were hit collectively with $40 billion in lost revenue from offshore tax dodging last year.

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Media Hit | Budget, Tax

New York Times: Paying the Price, But Often Deducting It

[T]here’s more than meets the eye to the big legal settlements you’ve been reading about involving some of the nation’s biggest banks. Actually, there’s less than meets the eye. The dollar signs are big, but they aren’t as big as they look, at least for the banks. That’s because some or all of these payments will probably be tax-deductible. The banks can claim them as business expenses. Taxpayers, therefore, will likely lighten the banks’ loads.

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PRIORITY ACTION

Some of the nation’s most prosperous people and companies — including GE, Google and Goldman Sachs — avoid paying the taxes they owe, costing taxpayers $150 billion just last year.

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