Tax

News Release | U.S. PIRG | Tax

Last week’s other big bank settlement also shifts burden to taxpayers

Goldman Sachs will be able to take a $420 million tax write off on the bank's FHFA settlement for its mortgage misdeeds. A similar settlement paid in 2010 to the SEC specifically prohibited such tax deductions.

News Release | U.S. PIRG | Tax

Bank of America settlement loophole creates at least $4 billion burden for taxpayers

 The Justice Department allows Bank of America to write off most of its legal settlement for mortgage abuses as a tax deduction, shifting at least $4 billion back onto taxpayers.

News Release | CALPIRG Education Fund | Tax

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

SACRAMENTO – Tax loopholes encouraged more than 70 percent of Fortune 500 companies – HP, Google, and Apple here in California – to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by CALPIRG 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 | 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

News Release | CALPIRG Education Fund | Tax

California Could Save $246 Million With Simple, Proven Method to Curb Offshore Tax Dodging, New Study Finds

Sacramento, January 30th – California taxpayers could save $246 million from a simple reform to crack down on offshore tax dodging, according to a new report released today by CALPIRG. 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.

Report | CALPIRG | Tax

Closing the Billion Dollar Loophole

Every year, corporations use complicated gimmicks to shift U.S. earnings to subsidiaries in offshore tax havens – countries with minimal or no taxes – in order to reduce their state and federal income tax liability by billions of dollars. Tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law – all supported in one way or another by tax dollars. But they use tax havens to escape supporting these public structures and benefits. Ultimately, ordinary taxpayers end up picking up the tab, either in the form of higher taxes or cuts to public spending priorities.

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.

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

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.

Issue | Health Care

Fighting The High Cost 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. 

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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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