Close Corporate Tax Loopholes Updates

Report | ConnPIRG Education Fund | Budget, Tax

Settling for a Lack of Accountability?

When large companies harm the public through fraud, financial scams, chemical spills, dangerous products or other misdeeds, they almost never just pay a fine or penalty, as ordinary people would. Instead, these companies negotiate out-of-court settlements that resolve the charges in return for stipulated payments or promised remedies. These agreements, made on behalf of the American people, are not subject to any transparency standards and companies often write them off as tax deductions claimed as necessary and ordinary costs of doing business.

News Release | ConnPIRG Education Fund | Budget, Tax

Government Agencies Allow Corporations to Write Off Billions in Federal Settlement Payments

A new study by ConnPIRG Education Fund analyzes which federal agencies allow companies to write off out-of-court settlements as tax deductions and which agencies are transparent about these deals. The study found that five of the largest government agencies that sign settlement agreements with corporations rarely specify the tax status of the resulting payments. Billions of dollars are allowed to be written off as cost of doing business tax deductions. Additionally, the report found that major government agencies do not consistently disclose the details of corporate settlement agreements.

News Release | ConnPIRG | Budget, Tax

Deepwater Horizon Settlement Comes with $5.35 Billion Tax Windfall

A proposed $20.8 billion out-of-court settlement with BP to resolve charges related to the Gulf Oil spill allows the corporation to write off $15.3 billion of the total payment as an ordinary cost of doing business tax deduction.

Report | ConnPIRG | Tax

Picking Up the Tab 2014

Every year, corporations and wealthy individuals use complicated gimmicks to shift U.S. earnings to subsidiaries in offshore tax havens to reduce their state and federal income tax liability by billions. Tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law but they avoid paying for these benefits leaving ordinary taxpayers to pick up the tab.

News Release | ConnPIRG | Tax

Offshore Tax Havens Cost Average Connecticut Taxpayer $2,537 a Year, Connecticut Small Business $8,094

As hardworking Americans file their taxes today, it’s a good time to be reminded of how ordinary taxpayers pick up the tab for the loopholes in our tax laws.  Every year, corporations and wealthy individuals avoid paying an estimated $184 billion in state and federal income taxes by shift their profits to offshore tax havens. 

Report | ConnPIRG | Tax

Offshore Shell Games

Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens – countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated $90 billion in federal income taxes each year.

News Release | ConnPIRG | Tax

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

With Congress considering big cuts to public programs, ConnPIRG 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, with 15 companies accounting for two-thirds of the offshore cash.

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.

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