Budget

Report | CoPIRG Foundation | Budget, Tax

The Hidden Cost of Offshore Tax Havens

In 2011, Colorado lost approximately $504 million in tax revenues from corporations and wealthy individuals who sheltered money in foreign tax havens. Multinational corporations account for more than $310 million of the lost tax revenue, and wealthy individuals account for the rest.

Report | CoPIRG Foundation | Budget, Tax

The Hidden Cost of Offshore Tax Havens

In 2011, Colorado lost approximately $504 million in tax revenues from corporations and wealthy individuals who sheltered money in foreign tax havens. Multinational corporations account for more than $310 million of the lost tax revenue, and wealthy individuals account for the rest.

News Release | CoPIRG Foundation | Budget, Tax

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

A new report spotlights a common practice where corporations that commit wrongdoing and agree to financial settlements with the federal government go on to claim such settlement payments as tax-deductible business expenses.

Report | CoPIRG Foundation | Budget, Tax

SUBSIDIZING BAD BEHAVIOR

BP’s recent $4.5 billion legal settlement with the Justice Department for its misdeeds in the Gulf oil spill was historic for being the largest ever criminal settlement. But it was historic for another reason as well—none of it is allowed to be tax deductible. Unfortunately, too many settlements for wrongdoing end up as tax deductions.

Report | CoPIRG 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 | CoPIRG Foundation | Budget, Tax

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

With Congress scrambling to agree on ways to reduce the deficit, U.S. PIRG released a new analysis pointing out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government an estimated $150 billion in tax revenue each year.  CoPIRG’s new data illustrates the size of this loss with 16 dramatic ways $150 billion could be spent.

Report | CoPIRG Foundation | Budget, Financial Reform, Tax

Tax Shell Game

Abuse of tax havens inflicts a price on other American taxpayers, who must pay higher taxes—now or in the future—to cover the government’s revenue shortfall, or must deal with cuts in government services.

Report | CoPIRG Foundation | Budget, Tax, Transportation

Do Roads Pay for Themselves?

Highways do not – and, except for brief periods in our nation’s history, never have – paid for themselves through the taxes that highway advocates label “user fees.” Yet highway advocates continue to suggest they do in an attempt to secure preferential access to scarce public resources and to shape how those resources are spent.

Report | CoPIRG Foundation | Budget, Tax

Following the Money 2010

The ability to see how government uses the public purse is fundamental to democracy. This report rates the 50 States in how well they provide online access to government spending data.

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