Close Corporate Tax Loopholes

PERVASIVE TAX AVOIDANCE — Across the country, some of the nation’s best-known companies—including GE, Google and Goldman Sachs—have avoided paying the taxes they owe, costing taxpayers $100 billion last year.

LOOPHOLES COST TAXPAYERS $100 BILLION LAST YEAR

No company should be able to game the tax system to avoid paying what it legitimately owes. And, yet, establishing shell companies in offshore havens for the purpose of tax avoidance is becoming more the rule than the exception for at least 83 of the nation's top 100 publicly traded companies. GE, Google, Goldman Sachs and dozens of others have created hundreds of phantom entities with nothing more than a clever tax attorney and P.O. box.

Official estimates of how much we lose in tax revenue are between $70 billion and $100 billion per year. That's money that is shouldered by average taxpayers, either through additional taxes today or additional debt to be paid by the next generation. It’s not illegal, but it’s not right. The result? The average taxpayer paid $434 more this year to cover the $100 billion that GE and others that use offshore tax havens skipped out on. And small businesses and companies that don’t use these schemes have to struggle to compete with those that do. 

Meanwhile, the state Legislature and Congress are considering deep cuts for essential public programs — from education, to health care, to clean air and drinking water. They’re asking us to tighten our belts and make sacrifices, while giving the tax haven crew a free ride. We are pushing for common-sense changes that simply say that if corporations are based here and generate profits here, then they should, like all of us who earn income here, pay the taxes they owe.

Issue updates

News Release | NMPIRG Education Fund & Frontier Group | Budget

NEW REPORT: New Mexico Receives "C+" in Annual Report on Transparency of Government Spending

 

New Mexico received a “C+” when it comes to government spending transparency, according to “Following the Money 2015: How the 50 States Rate in Providing Online Access to Government Spending Data,” the sixth annual report of its kind by the New Mexico Public Interest Research Group Education Fund.

> Keep Reading
Report | NMPIRG Education Fund | Budget

Following the Money 2015

Every year, state governments spend hundreds of billions of dollars through contracts for goods and services, subsidies to encourage economic development, and other expenditures. Accountability and public scrutiny are necessary to ensure that the public can trust that state funds are spent as well as possible. 

> Keep Reading
Report | NMPIRG Education Fund | Tax

Following the Money 2014

This report, NMPIRG Education Fund’s fifth annual evaluation of state transparency websites, finds that states are making progress toward comprehensive, one-stop, one-click transparency and accountability for state government spending. Over the past year, new states have opened the books on public spending and several states have adopted new practices to further expand citizens’ access to critical spending information.

> Keep Reading
Report | NMPIRG | Budget, 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.

> Keep Reading
Report | NMPIRG 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.

> Keep Reading

Pages

News Release | NMPIRG Education Fund & Frontier Group | Budget

NEW REPORT: New Mexico Receives "C+" in Annual Report on Transparency of Government Spending

 

New Mexico received a “C+” when it comes to government spending transparency, according to “Following the Money 2015: How the 50 States Rate in Providing Online Access to Government Spending Data,” the sixth annual report of its kind by the New Mexico Public Interest Research Group Education Fund.

> Keep Reading
News Release | NMPIRG | Tax

Offshore Tax Havens Cost Average New Mexico Taxpayers $206 a Year, Each New Mexico Small Business $1,106, New Study Finds

With tax day approaching, a new study released by New Mexico PIRG found that the average New Mexico taxpayer in 2011 would have to shoulder an extra $206 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 New Mexico would have to foot a bill of over $1,106 on average.

> Keep Reading
News Release | NMPIRG Education Fund | Budget, Democracy, Tax

Release of New Report: Loopholes for Sale

A new report released Wednesday, March 21 by U.S. PIRG and Citizens for Tax Justice (CTJ) found that thirty unusually aggressive tax dodging corporations have made campaign contributions to 524 (98 percent) sitting members of Congress, and disproportionately to the leadership of both parties and to key committee members. The report, Loopholes for Sale: Campaign Contributions by Corporate Tax Dodgers, examines campaign contributions made by a total of 280 profitable Fortune 500 companies in 2006, 2008, 2010 and to date in 2012.

> Keep Reading
News Release | NMPIRG Education Fund | Tax

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes

With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections – NMPIRG Education Fund and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

> Keep Reading
News Release | USPIRG | Tax

WASHINGTON, D.C.: Senator Carl Levin Introduces Stop Tax Haven Abuse Act

The Stop Tax Havens Abuse Act is introduced to close corporate tax loopholes and save taxpayers the $100 Billion in lost revenue from tax dodgers.

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Pages

Report | NMPIRG Education Fund | Budget

Following the Money 2015

Every year, state governments spend hundreds of billions of dollars through contracts for goods and services, subsidies to encourage economic development, and other expenditures. Accountability and public scrutiny are necessary to ensure that the public can trust that state funds are spent as well as possible. 

> Keep Reading
Report | NMPIRG Education Fund | Tax

Following the Money 2014

This report, NMPIRG Education Fund’s fifth annual evaluation of state transparency websites, finds that states are making progress toward comprehensive, one-stop, one-click transparency and accountability for state government spending. Over the past year, new states have opened the books on public spending and several states have adopted new practices to further expand citizens’ access to critical spending information.

> Keep Reading
Report | NMPIRG | Budget, 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.

> Keep Reading
Report | NMPIRG 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.

> Keep Reading
Report | NMPIRG Education Fund | Budget, Democracy, Tax

Loopholes for Sale

A new report by U.S. PIRG and Citizens for Tax Justice (CTJ) found that thirty unusually aggressive tax dodging corporations have made campaign contributions to 524 (98 percent) sitting members of Congress, and disproportionately to the leadership of both parties and to key committee members. The report, Loopholes for Sale: Campaign Contributions by Corporate Tax Dodgers, examines campaign contributions made by a total of 280 profitable Fortune 500 companies in 2006, 2008, 2010 and to date in 2012.

> Keep Reading

Pages

Blog Post | Budget

Could Obama’s Business Tax Reform Realize Its Potential?

The much anticipated corporate tax reform framework released last week by President Obama hit all the right notes but lacked the details to know if can fully realize it’s potential.

 

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