You are hereHome >
Report: Close Corporate Tax Loopholes
The Hidden Cost of Offshore Tax Havens
- $39.8 billion would cover education costs for more than 3.7 million children for one year.
- This sum is also roughly equivalent to total state and local expenditures on firefighters ($39.7 billion) or on parks and recreation ($40.6 billion) in FY 2008.
- Table ES-1 lists the top 10 states with the most revenue lost to tax haven abuse.
- Some of the largest companies in the United States use tax havens, including many that have taken advantage of government bailouts or rely on government contracts. As of 2008, 83 of the 100 largest publically traded corporations in the United States maintained revenues in offshore tax havens, according to the Government Accountability Office.
- At the end of 2011, 290 of the top Fortune 500 companies using tax havens collectively held $1.6 trillion in profits outside the United States—up from $1.1 trillion in 2009—according to Citizens for Tax Justice.
Tools & Resources
You Can Help
We have a chance to cut billions in junk food subsidies this year. Your support will help us do the research, advocacy and grassroots organizing to convince our elected officials to act.
Each year, our tax dollars pay for enough junk food additives to buy 8.5 two-liter bottles of soda for each person under 18. Help stop the subsidies for junk food.
Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.