Close Corporate Tax Loopholes Updates

News Release | CoPIRG | Tax

Key Committee Approves Bill to Close Offshore Tax Haven Loophole

The Colorado House Finance Committee approved a bill that would close a tax loophole that allows large multinational corporations to avoid paying their share in taxes. The bill, HB15-1346, sponsored by State Representatives Brittany Pettersen and Mike Foote, would close the so-called “water’s edge loophole” that some companies use to dodge their Colorado tax bill leaving average Colorado families and small businesses to pick up the tab.

News Release | CoPIRG | Tax

Colorado Small Businesses Foot $3,165 Bill from Offshore Tax Dodging

As Tax Day approaches, the CoPIRG Foundation released a new study highlighting that small businesses end up picking up the tab for offshore tax loopholes used by many large multinational corporations. The study revealed that the average Colorado small business owner would have to pay an extra $3,165 in taxes to make up for the money lost in 2014 due to offshore tax haven abuse by large multinational corporations. State Representatives Brittany Pettersen and Mike Foote and other advocates joined CoPIRG to highlight a new bill that aims to close a loophole in Colorado that costs the state millions.  

Report | CoPIRG | Tax

Picking Up the Tab 2014

Every year, corporations and wealthy individuals 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 by billions of dollars. This report looks at the cost of this abuse to taxpayers and small businesses.

News Release | CoPIRG | Tax

Offshore Tax Havens Cost Average Colorado Taxpayer $1,361

As hardworking Americans file their taxes today, it’s a good time to be reminded of how ordinary taxpayers pick up the tab for the loopholes in our tax laws. CoPIRG  released a new study which revealed that the average Colorado taxpayer in 2013 would have to shoulder an extra $1,361 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

Report | CoPIRG | Tax

FACTSHEET: Closing the $15 million loophole

Colorado taxpayers could recover $15 million a year from a simple reform to crack down on offshore tax dodging.

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.

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.

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.

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