Close Corporate Tax Loopholes

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 a P.O. box.

Official estimates of how much the United States loses 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 Colorado 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 Colorado Legislature and Congress are considering deep cuts for essential public programs — from education, to health care, to clean air and food safety. They’re asking us to tighten our belts and make sacrifices, while giving the tax haven crew a free ride. We are pushing for commonsense changes that require corporations that are based here and generate profits here to pay the taxes they owe.