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DENVER, CO (KUNC) - A consumer watchdog group says nearly two-thirds of corporations pay no federal income taxes at all -- and that saddles individual Colorado taxpayers with an additional tax burden of nearly $500 each year.
As much as $100 billion dollars in federal tax revenue is lost annually because of large corporations taking advantage of offshore tax havens and loopholes in the federal tax code. A report from the Colorado Public Interest Research Group says that adds up to an estimated $1.6 billion dollars annually for the state. Danny Katz is state director for the CoPIRG. He says the impact of this lost revenue trickles down to ordinary taxpayers
"It's the equivalent of $481 for every individual in Colorado; so it shifts that tax burden. That's money we ought to be getting from these large corporations, but we're not."
Katz points out that $1.6 billion is roughly equivalent to Colorado's current budget shortfall. He says critical funding for schools and roads could be restored if lost corporate tax revenue could be recovered. CoPIRG is pushing for the passage of the Stop Tax Haven Abuse Act, which fourth district Congresswoman Betsy Markey is co-sponsoring.
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