You are hereHome >
Report: Close Corporate Tax Loopholes
Tax Shell Game 2010
The IRS estimates that individuals and corporations currently hold $5 trillion in tax haven countries and asserts that the United States is responsible for a large portion of these assets.
Many corporations operating in the United States funnel money through offshore tax havens in order to avoid paying billions in U.S. taxes. In fact, an independent study found that nearly two-thirds of corporations pay no taxes at all. Goldman Sachs, which received a $10 billion taxpayer bailout, managed to get their effective tax rate down to one percent by utilizing maneuvers they describe as “changes in geographic earnings mix.”
Taxpaying households must pick up the tab for the missing revenue to the U.S. Treasury. The avoidance and evasion of taxes for a few becomes the burden for many – and for future generations.
- · Offshore tax havens cost taxpayers revenue totaling as much as $100 billion per year - $1 trillion over 10 years. Individuals and corporations based in the U.S. who pay taxes on their revenues must shoulder this burden for those who do not.
- · Making up for this lost revenue costs each taxpayer an average of $500 per year. That’s a month’s worth of groceries for an average family of four or a year’s worth of health care for a child.
- · Congress should pass legislation to end the use of offshore tax havens and remove this unfair burden from taxpayers.
Tools & Resources
Our Changing Relationship with Driving and the Implications for America’s FutureU.S. PIRG Education Fund
Read the Health Insurance 101 guide below, or download the PDF here.U.S. PIRG Education Fund
U.S. PIRG conducted a webinar with officials from 31 states on ways to improve online spending transparency
Tell your senator that patients can't afford to wait another day. We need to end "Pay for Delay" right now.
Your donation supports U.S. PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.
Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.