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.
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