Close Corporate Tax Loopholes Updates

Report | CALPIRG | Tax

Picking Up the Tab: Average Citizens and Small Businesses Pay the Price for Offshore Tax Havens

New report finds that corporate abuse of offshore tax havens is costing Californians billions of dollars, and individual taxpayers and smal business owners are the ones who end up footing th ebill

Report | CALPIRG | Tax

Offshore Shell Games

This study reveals that tax haven use is ubiquitous among the largest 100 publicly traded companies as measured by revenue. 

82 of the top 100 publicly traded U.S. companies operate subsidiaries in tax haven jurisdictions, as of 2012. 

News Release | CALPIRG | Tax

New Study: 82 of Top 100 Companies Used Tax Havens in 2012 Companies Hold $1.2 Trillion Offshore, Untaxed by U.S.

“These companies benefit from America’s infrastructure, educated workforce, security, and access to the largest consumer market in the world. They should not be able to use loopholes to get out of paying for it,” added Austin Price, Field Director with CALPIRG.

News Release | CALPIRG | Tax

Enterprise Zone Reform Heads to the Governor’s Desk

Today the California State Assembly passed AB 93, a bill to transform California’s failed Enterprise Zone Program. The bill is now headed to the governor’s desk, where he is expected to sign it.

Yesterday the Senate took a major step to reform California Enterprise Zone program by passing AB 93 a bill strongly backed by Gov. Jerry Brown.

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.

 

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The overuse of antibiotics on factory farms is threatening the effectiveness of lifesaving antibiotics. Call on the state Legislature to ban the mass distribution of antibiotics to livestock.

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