Tax

News Release | US PIRG | Tax

U.S. PIRG Statement on House Tax Bill

Below is a statement from U.S. PIRG Program Advocate Michelle Surka on the proposed House tax bill's impacts on our debt:

“The Tax Cuts and Jobs Act, introduced this morning in the House, is an exercise in fiscal recklessness, exploding the budget deficit while failing to close the biggest tax loopholes and relying on gimmicks to obscure the impact on the national debt. Rather than make prudent trade-offs to achieve the President's promised tax cuts, this bill twists itself into knots attempting to distract from the bottom line: it will add trillions to our deficit."

News Release | OSPIRG Foundation | Tax

STUDY: 73% of Fortune 500 Companies Used Tax Havens in 2016

In 2016, 73 percent of Fortune 500 companies – including Nike headquartered in Oregon- maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by OSPIRG Foundation and the Institute on Taxation and Economic Policy. Collectively, multinationals reported booking $2.6 trillion offshore, with just 30 companies accounting for 68 percent of this total, and just four companies accounting for a quarter of the total.

Report | OSPIRG Foundation | Tax

Offshore Shell Games 2017

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to paying taxes. Corporate lobbyists and their congressional allies have riddled the U.S. tax code with loopholes and exceptions that enable tax attorneys and corporate accountants to book U.S.-earned profits in subsidiaries located in offshore tax haven countries with minimal or no taxes. Often a company’s operational presence in a tax haven may be nothing more than a mailbox.

News Release | OSPIRG | Budget, Consumer Protection, Tax

OSPIRG and other advocates commend passage of House Bill 2191

A coalition of consumer, small business and faith-based organizations joined together to commend the Oregon Legislature for passing House Bill 2191, a bill that will provide state officials with new tools to combat the abuse of anonymous shell corporations in Oregon. In recent years, Oregon’s lax incorporation transparency laws and lack of tools for law enforcement have made the state a hotbed for the use of shell corporations for criminal activity including money laundering, consumer scams and tax evasion.

News Release | OSPIRG | Tax

OSPIRG Applauds Introduction of Bill to End Anonymous Shell Companies

 

This Wednesday, Representatives Peter King (R-NY) and Carolyn Maloney (D-NY) introduced the Corporate Transparency Act (H.R. 3089). Senators Chuck Grassley (R-IA) and Sheldon Whitehouse (D-RI) also introduced their companion bill, the True Incorporation Transparency for Law Enforcement (TITLE) Act (S. 1454). OSPIRG applauds the introduction of these bills, which would put an end to anonymous shell companies in the U.S.

News Release | OSPIRG Foundation | Tax

OFFSHORE TAX HAVENS COST AVERAGE OREGON SMALL BUSINESS $5,162.12 A YEAR

Small businesses in Oregon would have to shoulder an extra $5,162.12 in taxes to make up for the revenue lost due to the abuse of offshore tax havens by multinational corporations, according to a new report by OSPIRG. As a new administration takes office and the possibility of tax reform again enters the national conversation, the report highlights how it’s small domestic businesses and ordinary Americans that have to shoulder the burden of multinational tax avoidance.

Report | OSPIRG | Tax

Picking Up the Tab

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 federal and state income tax liability by billions of dollars. While tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law – all supported in one way or another by tax dollars – they avoid paying their fair share for these benefits. 

Small business owners are hit twice by the effects of tax dodging by large multinational corporations. Small businesses are placed at a competitive disadvantage because they rarely have subsidiaries in tax havens and the armies of tax lawyers and accountants necessary to exploit the loopholes that come with such subsidiaries. Meanwhile, nearly 73% of Fortune 500 companies operate subsidiaries in tax haven countries. Small businesses are forced to compete with multinational corporations based on the cleverness of their tax gimmicks rather than on their innovation or quality of product. 

Result | Tax

No tax giveaway for Comcast

The Oregon Department of Revenue has denied Comcast a big payday at taxpayer expense, following a public outcry and petitions from thousands of Oregonians across the state opposing a tax giveaway for the internet giant.

Report | OSPIRG Foundation and Frontier Group | Tax

Following the Money 2016

News Release | OSPIRG Foundation and Citizens for Tax Justice | Tax

Study: 72% of Fortune 500 Companies Used Tax Havens in 2014

Portland, October 6 – Tax loopholes encouraged more than 72 percent of Fortune 500 companies –including Nike based here in Oregon– to maintain subsidiaries in offshore tax havens as of 2014, according to “Offshore Shell Games,” released today by OSPIRG Foundation and Citizens for Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 65 percent of the total, or $1.35 trillion.

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