Close Corporate Tax Loopholes Updates

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

JPMorgan Shouldn’t Receive Tax Windfall for London Whale Penalty

Unless regulators forbid JPMorgan Chase from writing off an $800 million settlement as a tax deduction, taxpayers could end up shouldering 35 percent of the cost of the settlement.

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.

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.

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.

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.

When a company must pay a penalty for wrongdoing, should the public also shoulder a hidden subsidy for the corporation? Four factors are bringing this issue to a head.

News Release | U.S. PIRG | Tax

Oregon Legislature Closes Offshore Tax Loopholes

Oregon's legislature unanimously passed stand-alone legislation to address the growing problem of companies using offshore tax havens to dodge state taxes. The new legislation will treat income that companies list in tax haven countries as domestic income for Oregon tax purposes, saving the state millions in tax revenues.

News Release | U.S. PIRG | Tax

"Clean Slate" Tax Debate Downplays Importance of Billions Worth of Offshore Loopholes

U.S. PIRG applauds Finance Chairman Baucus and Ranking Member Hatch for challenging lawmakers to justify dozens of tax breaks that benefit well connected special interests at the expense of average taxpayers. As the Senate scours the tax code for wasteful tax breaks for special interests, closing offshore tax loopholes should be at the top of every lawmaker's list.

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

New Poll: Small Businesses Overwhelmingly Support Closing Offshore Tax Loopholes for Large Corporations

A new scientific poll of small businesses found that small business owners overwhelmingly support closing loopholes that let large multinationals avoid taxes by artificially shifting their profits offshore. 85% of small business owners oppose “a tax system that would allow U.S. multinational corporations to avoid taxes permanently by shifting their income to places like the Cayman Islands.”

Report | U.S. PIRG | Budget, Tax

Picking Up the Tab 2013

Tax haven abuse costs the United States approximately $150 billion in tax revenues every year. Even when tax haven abusers act perfectly legally, they force other Americans to shoulder their tax burden. The average U.S. tax filer would need to pay $1,026 in additional taxes to make up for lost revenue from tax havens. To pick up the tab for the taxes avoided by multinational corporations, the average small business in the United States would need to pay an average of $3,067 each in additional taxes.

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