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Close Corporate Tax Loopholes Updates

Report | ConnPIRG | Budget

Picking Up the Tab 2013

Some U.S.-based multinational firms and individuals avoid paying U.S. taxes by using accounting tricks to shift profits made in America to offshore tax havens—countries with minimal or no taxes. They benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

News Release | ConnPIRG | Budget

Offshore Tax Havens Cost Average Connecticut Taxpayer $1,965 a Year, Connecticut Small Business $5,989

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. ConnPIRG released a new study today which revealed that the average Connecticut taxpayer in 2012 would have to shoulder an extra $1,965 in taxes – more per taxpayer than in any state in the country. - to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

Report | ConnPIRG | Tax

What America Could Do with $150 Billion Lost to Offshore Tax Havens

Many corporations and wealthy individuals use offshore tax havens—countries with minimal or no taxes—to avoid paying $150 billion in U.S. taxes each year.

News Release | ConnPIRG | Tax

First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes

With Congress scrambling to agree on ways to reduce the deficit, ConnPIRG pointed out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government $150 billion in tax revenue each year.  ConnPIRG released new data illustrating the size of this loss with 16 dramatic ways $150 billion could be spent.

News Release | ConnPIRG and Citizens for Tax Justice | Financial Reform

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes

With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections – Connecticut Public Interest Research Group (ConnPIRG) and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

Report | ConnPIRG and Citizens for Tax Justice | Financial Reform

Representation Without Taxation

Marking the second anniversary of the Supreme Court’s decision in the Citizens United vs. Federal Election Commission case, this report takes a hard look at the lobbying activities of profitable Fortune 500 companies that exploit loopholes and distort the tax code to avoid billions of dollars in taxes.

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PRIORITY ACTION

When Big Pharma pays off their competition to keep them from selling lower priced generic drugs, we all pay. Each year this costs Americans an added $3.5 billion.

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