News Release | US PIRG Education Fund and Citizens for Tax Justice | Tax


Nearly three-quarters of Fortune 500 companies booked profits to tax havens in 2014, with just 30 companies accounting for 62 percent of earnings stashed offshore, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund and Citizens For Tax Justice. Collectively, the companies reported booking $2.1 trillion offshore for tax purposes.

News Release | US PIRG | Tax

Deepwater Horizon Settlement Comes with $5.35 Billion Tax Windfall

Today’s announcement by the U.S. Department of Justice of a proposed $20.8 billion out-of-court settlement with BP to resolve charges related to the Gulf Oil spill allows the corporation to write off $15.3 billion of the total payment as an ordinary cost of doing business tax deduction. The majority of the settlement is comprised of tax deductible natural resource damages payments, restoration, and reimbursement to government, with just $5.5 billion explicitly labeled a non-tax-deductible Clean Water Act penalty. This proposed settlement would allow BP to claim an estimated $5.35 billion as a tax windfall, significantly decreasing the public value of the agreement, and nearly offsetting the cost of the non-deductible penalty.

Report | U.S. PIRG and Citizens for Tax Justice | Tax

Offshore Shell Games 2015

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 the tax code. Rather than paying their full share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in offshore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox. Multinational corporations’ use of tax havens allows them to avoid an estimated $90 billion in federal income taxes each year.

News Release | U.S. PIRG Education Fund | Tax

Good News for Government Transparency

In a major victory for government transparency, states and local governments will be required to disclose the amount of revenue lost through programs that grant special tax breaks and abatements for economic development. 

News Release | U.S. PIRG | Tax

U.S. Senator Demands BP and Justice Dept Disclose Spill Settlement, Disallow Spill Tax Write Off

A U.S. Senator has told the Department of Justice to disclose its out-of-court settlement with BP that released the oil giant from charges for the Gulf oil spill and to make sure the settlement isn't allowed to be used as a tax write off.

News Release | U.S. PIRG | Tax

BP’s $18.7 Settlement Today for Gulf Spill Appears to Be Mostly Tax Deductible

BP's settlement today for the Gulf oil spill appears to contain a huge hidden tax windfall for the company. USPIRG calls on the Justice Department to ensure taxpayers aren't subsidizing the oil giant's misdeeds.

Report | U.S. PIRG Education Fund | Budget, Tax

Picking Up The Tab 2015: Small Businesses Pay the Price for Offshore Tax Havens

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 liabilities 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 continue to avoid paying for these benefits.

Small business owners are hit twice by the effects of tax dodging by large multinational corporations. Since they almost never have the kind of subsidiaries in the Cayman Islands or armies of tax lawyers and accountants to exploit tax haven loopholes that their multinational rivals do, small businesses are routinely placed at a competitive disadvantage in the market place. In addition, small businesses, like average taxpayers, end up picking up the tab for offshore tax avoidance in the form of higher taxes, cuts to public services, or increases to the federal debt.

This study examines the potential impact of corporate tax dodging on America’s small businesses.

News Release | U.S. PIRG Education Fund | Tax

Looking Back at 2014: Year of Stocking Stuffers for Criminal Corporations

This was the year that billion-dollar settlements paid by corporations to atone for wrongdoing became normal -- and so many of those deals gave the corporations huge tax write offs at the expense of ordinary taxpayers.


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