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Close Corporate Tax Loopholes Updates

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

News Release | CoPIRG | Tax

Offshore Tax Havens Cost Average Colorado Taxpayer $1,183 a Year

With Tax Day approaching, CoPIRG was joined today by Zach Hepner, owner of Velosoul Bikes and Marlene Nuechterlien owner of Caboodle Gifts to release a new study which revealed 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 small business would need to shoulder $2,957.

News Release | CoPIRG | Budget, Tax

NEW LEGISLATION TO CLOSE OFFSHORE TAX LOOPHOLES WOULD SAVE TAXPAYERS $200 BILLION

The CUT Loopholes Act would close a myriad of the most egregious offshore tax loopholes. This legislation is based on the premise that if a U.S. company earns profits here in the U.S., with the benefit of America’s educated workforce, infrastructure, and large consumer base, it should pay taxes in America, like small businesses and everyday taxpayers.

News Release | CoPIRG | Budget, Tax

PRESIDENT OBAMA POSES QUESTION: “WHY PROTECT SPECIAL INTEREST TAX BREAKS?”

Tonight, President Obama rightly called on Congress to close tax loopholes that allow wealthy special interests to shirk their tax burden at the expense of the public. The first loopholes to go should be those that allow corporations and wealthy individuals to use accounting gimmicks to stash their income in offshore tax havens.

News Release | CoPIRG Foundation | Budget, Tax

Offshore Tax Dodging Blows a $504 Million Hole in Colorado Budget:

With Colorado’s state budget stretched thin, CoPIRG released a new study revealing that Colorado lost $504 million due to offshore tax dodging in 2012. 

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.

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.

Report | CoPIRG Foundation | Budget, Tax

SUBSIDIZING BAD BEHAVIOR

BP’s recent $4.5 billion legal settlement with the Justice Department for its misdeeds in the Gulf oil spill was historic for being the largest ever criminal settlement. But it was historic for another reason as well—none of it is allowed to be tax deductible. Unfortunately, too many settlements for wrongdoing end up as tax deductions.

News Release | CoPIRG Foundation | Budget, Tax

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

A new report spotlights a common practice where corporations that commit wrongdoing and agree to financial settlements with the federal government go on to claim such settlement payments as tax-deductible business expenses.

Report | CoPIRG Foundation | Budget, Tax

WHAT AMERICA COULD DO WITH $150 BILLION LOST TO OFFSHORE TAX HAVENS

Many corporations and wealthy individuals use offshore tax havens—countries with minimal or no taxes—to avoid paying $150 billion in U.S. taxes each year. By shielding their income from U.S. taxes, corporations and wealthy individuals shift the tax burden to ordinary Americans, who must pick up the tab in the form of cuts to public services, more debt, or higher taxes. The $150 billion lost annually to offshore tax havens is a lot of money, especially at a time of difficult budget choices. To put this sum in perspective, we present 16 potential ways that income could be used.

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The CUT Loopholes Act would put an end to the price and profit shifting that allows publicly traded companies to engage in pervasive tax avoidance.

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