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Close Corporate Tax Loopholes Updates

News Release | CALPIRG | Budget

New Legislation Introduced to Close Offshore Tax Loopholes

Statement of CALPIRG Field Director on the introduction of the Stop Tax Haven Abuse Act by Congressman Lloyd Doggett (D-TX) and 45 original cosponsors, including eight members from the California delegation. Among other provisions, this legislation would close a number of loopholes that let corporations and wealthy individuals shift income to offshore tax havens to avoid paying taxes.

Report | CALPIRG | Budget

Picking Up the Tab 2013

Academic studies conclude tax haven abuse costs the United States approximately $150 billion in tax revenues every year. Multinational corporations account for $90 billion and individuals the rest.  Even when tax haven abusers act perfectly legally, they force other Americans to shoulder their tax burden. Every dollar in taxes they avoid by using tax havens must be balanced by other Americans paying higher taxes, coping with cuts to government programs, or increasing the federal debt. 

 

News Release | CALPIRG | Budget

Offshore Tax Havens Cost Average California Taxpayer $1,265 a Year, California Small Business $3,524

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going.   CALPIRG released a new study which revealed that the average California taxpayer in 2012 would have to shoulder an extra $1265 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

Media Hit | Budget

The Conversation: Tax havens let billions vanish into thin air

Pulitzer Prize wining author David Cay Johnston uses our report for the theme in his op-ed, explaining how ordinary taxpayers bear the cost of tax havens and loopholes "through higher state taxes, fewer services or the state taking on more debt to fund current operations".
Read more here: http://www.sacbee.com/2013/02/17/5194645/tax-havens-let-billions-vanish....

Report | CALPIRG Education Fund | Budget

Subsidizing Bad Behavoir

Corporations accused of wrongdoing commonly settle legal disputes with government regulators out of court. Do- ing so allows both the company and the government to avoid going to trial and the agency gets to appear as if it is teaching the company a lesson for its misdeeds. How- ever, very often the corporations deduct the costs of the settlement on their taxes as an ordinary business expense, shifting a significant portion of the burden onto ordinary taxpayers to pick up the tab.

 

News Release | CALPIRG Education Fund

Taxpayers Bear Cost of Corporate Settlements

Can you write of your parking tickets as a tax deduction?  Of course not.  So why should coporations be able to write off fines as a business expense.  This release highlights our new report 

In The Capitol: Holding Corporations Accountable

Monday, August 13, 2012
By | Pedro Morillas
Legislative Director

AB 2439 (Eng)—Requires the 1500 largest publicly traded corporate taxpayers in California to disclose the amount they pay in taxes to the state.

Report | CALPIRG Education Fund | Tax

Picking up the tab

Some U.S.-based multinational firms or individuals avoid paying U.S. taxes by transferring their earnings to tax haven countries with minimal or no taxes. These tax haven users 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 | CALPIRG Education Fund | Tax

Offshore Tax Havens Cost Average California Taxpayers $423 a Year, Each California Small Business $2,010

With tax day approaching, a new study released by CALPIRG found that the average California taxpayer in 2011 would have to shoulder an extra $423 tax burden to make up for revenue lost from corporations and wealthy individuals shifting income to offshore tax havens. The report additionally found that to cover the cost of the corporate abuse of tax havens in 2011, small businesses in California would have to foot a bill of over $2,010 on average.

Tax Credits For Oil Spills

Wednesday, March 28, 2012
By

From guest blogger Chris Jones: My brother, Gordon Jones, was one of the eleven hard-working men killed aboard the Deepwater Horizon deepwater oil rig in the Gulf of Mexico on April 20, 2010. Unlike BP, I believe my brother was more than a number or tax credit.

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