Tax

News Release | WISPIRG | Tax

Offshore Tax Havens Cost Average Wisconsin Taxpayer $773 a Year, Wisconsin Small Businesses $2,746

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. Today WISPIRG released a new study which revealed that the average Wisconsin taxpayer in 2012 would have to shoulder an extra $773 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.  To make up the burden of revenue lost due to corporate tax haven abuse, Wisconsin small businesses would have to pay an extra $2,746 every year. Closing these loopholes is a common sense solution that every lawmaker should support.

Report | WISPIRG | Tax

Picking Up the Tab 2013

Many multinational corporations and wealthy Americans use accounting tricks and offshore tax havens to avoid paying taxes on profits and income that they earned in the U.S. Right now these practices are perfectly legal - and that's the problem. Revenues that are earned from sales and work here in the United States are hidden overseas and it costs the U.S. up to $150 billion in lost tax revenue every single year.  When that burden is redistributed to individual taxpayers, through either increased taxes, cuts to public services, or growing national debt, it costs every Wisconsinite $773 per year. If the costs of corporate tax haven abuse were shifted to small businesses, it would cost every Wisconsin small business $2,746 per year.

Report | WISPIRG Foundation | Budget, Tax

The Hidden Cost of Offshore Tax Havens

This report reveals how abuse of tax loopholes hurts taxpayers not just once, but twice, as the state of Wisconsin lost an estimated $814 million in revenue in 2012 due to offshore tax dodging

News Release | WISPIRG Foundation | Budget, Tax

Congresswoman Gwen Moore joins WISPIRG's call for closing offshore tax loopholes to avert fiscal cliff

As we work to push for closure of offshore tax loopholes as part of any fiscal cliff deal, Congresswoman Gwen Moore, co-sponsor of the Stop Tax Havens Abuse Act in the House, joins our call for Congressional leadership to act on this vital issue of public interest.

News Release | WISPIRG Foundation | Budget, Tax

First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes

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.

Report | WISPIRG 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.

News Release | WISPIRG | Tax

This Time, BP Settlement Protects Taxpayers

Unlike earlier settlements from the Gulf Oil spill, the settlement the U.S. Justice Department negotiated with BP stipulated that none of the penalties paid are tax-deductible, according to Lanny Breuer, head of the Dept. of Justice's criminal division.

Media Hit | Tax

Bruce Speight - La Crosse Tribune Op:ed: Tax code leaves us picking up the tab

This week, hard-working people and small business owners in La Crosse and all around the country will file their tax returns. Many would be shocked to hear about an invisible tax burden put on them this year by some of the largest, most profitable corporations.

News Release | WISPIRG | Tax

Congresswoman Moore Statement on Offshore Tax Havens

Congresswoman Moore Statement on Offshore Tax Havens and WISPIRG "Picking Up the Tab" Report.

Report | WISPIRG Foundation | Tax

Picking Up the Tab

Some U.S.-based multinational firms or individuals avoid paying U.S. taxes by transferring their earnings to tax haven countries with minimal or no taxes. These tax haven users benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

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