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

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.

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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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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.

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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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News Release | U.S. PIRG | Budget

Supercommittee Squanders Opportunity to Cut Waste

Following months of partisan bickering, the Supercommittee has squandered a major opportunity to cut truly wasteful spending and special interest handouts.

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News Release | U.S. PIRG | Tax

Chairman Camp’s Tax Reform Would Create a Permanent Corporate ‘Tax Holiday’

We were disappointed to see the introduction of Chairman Camp’s tax reform proposal especially given the revelations regarding the growing number corporate tax avoidance schemes this past year.  The plan would take today’s flawed tax system and make it even worse.

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Media Hit | Budget

KOB Channel 4: Red light cameras are 'cash cows' for Redflex

In a 50 page report, The New Mexico Public Interest Research Group (NMPIRG) said the red light cameras are cash cows for its operator Redflex.

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News Release | NMPIRG Education Fund | Budget

New Report Outlines Problems with Red-Light and Speed Cameras

A new research report outlines problems with the growing trend among cities to outsource traffic enforcement to red-light and speed camera vendors.  Several alternative options are recommended to make roads safer.

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News Release | U.S. PIRG | Tax

New Report from Senator Levin Affirms Repatriation Holiday Would Fatten CEO Wallets, Not Create Jobs

Senator Levin’s new report reaffirms that rewarding companies that artificially shifted profits overseas with special tax treatment is a wasteful giveaway to corporate executives that sacrifices deficit reduction for no public benefit to the economy.

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News Release | NMPIRG Education Fund | Tax

New Mexico Taxpayers Footing a $100 Billion Bill for Tax Dodgers

Each year, major corporations and individuals avoid as much as $100 billion a year in federal taxes by “off-shoring” the money they make here in the U.S. or by setting up sham headquarters in tax haven countries. Taxpayers are left footing the bill.

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Report | U.S. PIRG Education Fund | Budget

Toward Common Ground

To break through the ideological divide that has dominated Washington this past year and offer a pathway to address the nation’s fiscal problems, the National Taxpayers Union and U.S. PIRG joined together to identify mutually acceptable deficit reduction measures.

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Report | NMPIRG Education Fund | Tax

Tax Shell Game

The IRS estimates that individuals and corporations currently hold $5 trillion in tax haven countries and asserts that the United States is responsible for a large portion of these assets.

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Report | NMPIRG Education Fund | Tax

Representation Without Taxation

Marking the second anniversary of the Supreme Court’s decision in the Citizens United vs. Federal Election Commission case—which opened the floodgates to corporate spending on elections—this report takes a hard look at the lobbying activities of profitable Fortune 500 companies that exploit loopholes and distort the tax code to avoid billions of dollars in taxes.

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