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 $150 billion last year.

LOOPHOLES COST $150 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 a P.O. box.

The official estimate of how much Americans lose in tax revenue is $150 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 $1,183 more this year to cover the $150 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.

Issue updates

News Release | CoPIRG | Tax

New Farm Bill Contains Massive Taxpayer Handouts To Big Ag

CoPIRG urges Congress to vote NO on the Farm Bill. At a time of supposed fiscal caution, this bill would put taxpayers on the hook for another five years of billion-dollar handouts to huge, profitable agribusinesses.

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News Release | CoPIRG | Tax

Study: Colorado Could Curb Offshore Tax Dodging, Costs Colorado $15 Million

Colorado taxpayers could recover $15 million a year from a simple reform to crack down on offshore tax dodging, according to a new report released today by CoPIRG. 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.

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Report | CoPIRG | 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, costing Coloradans hundreds of millions of dollars every year. Colorado could close one loophole could save $15 million.

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News Release | CoPIRG | Budget

STATEMENT: Appropriation Bill Cuts Some Waste, but Not Enough

A Step In The Right Direction: Appropriations Bill Roots Out Some Waste, but Doesn’t Do Enough To Protect Public Priorities and End Special Interest Handouts.

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Media Hit | Tax

Farm Bill Should Stop Wasting Our Taxes

On July 15, less than a week after the House passed a Farm Bill bloated with handouts to big agribusinesses like Monsanto, Twinkies went back on the market.

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Pages

Media Hit | Tax

Farm Bill Should Stop Wasting Our Taxes

On July 15, less than a week after the House passed a Farm Bill bloated with handouts to big agribusinesses like Monsanto, Twinkies went back on the market.

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Media Hit | Tax

Farmers Say New Farm Bill is a Waste of Taxpayer Money

Palisade farmer, Scott Washkowiak, is upset with the U.S. House of Representatives' decision to pass the Farm Bill after a new study by Colorado Public Interest Research Group said one aspect of the bill is no good.

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Media Hit | Tax

New Report Shows "Wasteful Handouts" in Farm Bill

The U.S. House recently passed its version of the Farm Bill, that is expected to provide funding to agriculture industries across the country. But some local farmers and the Colorado Public Interest Research Group, a non-profit organization that works on a variety of consumer and public interest issues, are disappointed.

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Media Hit | Tax

Some Local Farmers Up in Arms About New Bill

After congress passed a controversial farm bill, some local farmers and colorado activist groups are sounding off.

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Media Hit | Tax

Farm Bill Dysfunction

Last week U.S. Republican representatives voted to exclude the nation’s revamped food stamps program from the House version of the 2013 farm bill. This week, the Colorado Public Interest Research Group released a report on what it calls the farm bill’s wasteful agricultural-subsidy spending, joining with farmers to ask Congress to make real reforms before passing the vital five-year legislation.

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Report | CoPIRG | Tax

Five Ways the Farm Bill Brings Home the Bacon for Big Ag

CoPIRG opposes the House Farm Bill (H.R. 1947) because it keeps the gravy train flowing for big agribusiness, locking in their unjustified corporate handouts for the next five years. Here's five ways the Farm Bill brings home the bacon for Big Ag.

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Report | CoPIRG | Tax

Picking up the Tab

A new study which reveals that the average Colorado taxpayer in 2012 would have to shoulder an extra $1,183 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals and the average Colorado small business would need to shoulder $2,957

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Report | CoPIRG Foundation | Budget

Following the Money 2013

Every year, state governments spend tens of billions of dollars through contracts with private entities for goods and services, subsidies to encourage economic development, grants, and other forms of spending. Accountability and public scrutiny are necessary to ensure that state funds are well spent.

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Report | CoPIRG Foundation | Budget, Tax

The Hidden Cost of Offshore Tax Havens

In 2011, Colorado lost approximately $504 million in tax revenues from corporations and wealthy individuals who sheltered money in foreign tax havens. Multinational corporations account for more than $310 million of the lost tax revenue, and wealthy individuals account for the rest.

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Report | CoPIRG Foundation | Budget, Tax

The Hidden Cost of Offshore Tax Havens

In 2011, Colorado lost approximately $504 million in tax revenues from corporations and wealthy individuals who sheltered money in foreign tax havens. Multinational corporations account for more than $310 million of the lost tax revenue, and wealthy individuals account for the rest.

> Keep Reading

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