Tax

News Release | ConnPIRG Education Fund | Tax

Study: 70% of Fortune 500 Companies Used Tax Havens in 2013

Tax loopholes encouraged more than 70 percent of Fortune 500 companies – including General Electric, United Technologies and Priceline.com in Connecticut – to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by ConnPIRG Education Fund and Citizens for Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

Report | ConnPIRG Education Fund | Tax

Offshore Shell Games 2014

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. These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity. 

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

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 Education Fund | Tax

Connecticut could save $19.4 million with proven method to curb offshore tax dodging, new study finds

Connecticut taxpayers could save $19.4 from a reform to crack down on offshore tax dodging, according to a new report released today by ConnPIRG Education Fund. The reform, which has already been proven effective in Montana and passed in Oregon, would require companies to treat profits booked to notorious tax havens as domestic taxable income.

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 | 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.

Issue | Health Care

Fighting The High Cost Of Rx Drugs

Brand-name drug companies have been paying off generic drug makers to delay competition and keep prices high. This widespread pay-for-delay scheme needs to be put to an end. 

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.

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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