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News Release | U.S. PIRG | Tax

Bipartisan Bill to Expose Tax Write-Offs for Corporate Wrongdoing Clears Committee

U.S. PIRG applauds the Homeland Security and Government Affairs Committee for approving the bipartisan Truth in Settlements Act. Thanks to a loophole in the law, companies paying out-of-court settlements to federal agencies can often deduct part of the cost from their tax bill as an ordinary business expense. This important bipartisan legislation would take the critical step of requiring the terms of these deals to be made public.

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News Release | U.S. PIRG | Budget, Tax

New Bill: No Federal Contracts for Companies that Renounce American Corporate Citizenship to Dodge Taxes

"Changing your address on a piece of paper shouldn’t change your tax bill. Unfortunately, a loophole in our tax code allows American companies to renounce their American corporate citizenship to avoid paying U.S. taxes...at the very least, lawmakers shouldn’t reward this tax dodging gimmick by granting these companies federal contracts."

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News Release | U.S. PIRG | Consumer Protection

SHAREHOLDER RESOLUTION ASKS SAFEWAY TO LABEL ITS FOOD FOR GMOs

At its annual meeting this Friday, shareholders and advocacy groups will urge Safeway to label store brand products containing genetically modified organisms (GMOs). Green Century Capital Management filed a shareholder proposal with Safeway, citing unprecedented public demand for GMO labeling as a reason for Safeway to voluntarily provide this information. 

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Blog Post | Consumer Protection

The CFPB at Three: A Child Prodigy | Ed Mierzwinski

The Consumer Financial Protection Bureau (CFPB) turned just three years old Monday, July 21st, but when you look at its massive and compelling body of work, you must wonder: Are watchdog years like plain old dog years? Is the CFPB now a full-sized, 21-year-old adult? The answer is no, not yet. The CFPB is still growing and developing and adding programs and projects. The CFPB is, however, at three years old, certainly a child prodigy. Despite overwhelming public support, however, powerful special interests continue to attack it. Yet, the idea of the CFPB needs no defense, only more defenders.

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Blog Post | Consumer Protection

The CFPB at Three: A Child Prodigy | Ed Mierzwinski

The Consumer Financial Protection Bureau (CFPB) turned just three years old Monday, July 21st, but when you look at its massive and compelling body of work, you must wonder: Are watchdog years like plain old dog years? Is the CFPB now a full-sized, 21-year-old adult? The answer is no, not yet. The CFPB is still growing and developing and adding programs and projects. The CFPB is, however, at three years old, certainly a child prodigy. Despite overwhelming public support, however, powerful special interests continue to attack it. Yet, the idea of the CFPB needs no defense, only more defenders.

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Wall Street Journal: Consumer Watchdog Readies to Bare Its Teeth

The Consumer Financial Protection Bureau is entering 2013 poised to flex its muscles more vigorously than ever before. [...] The CFPB is "going to be more confident and more aggressive," said Ed Mierzwinski, consumer program director for U.S. Public Interest Research Group, a consumer-advocacy organization.

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Media Hit | Budget, Tax

Washington Post: Government doing more to prevent corporations from deducting settlements

Federal agencies are taking greater steps to prevent companies from claiming tax deductions on settlements reached with the government, though loopholes in the tax code persist, according to a new study by U.S. Public Interest Research Group.

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News Release | U.S. PIRG | Tax

Does UBS Settlement Include $245 Million “Hidden Bank Fee” for Taxpayers?

The following is a statement of Ryan Pierannunzi, Tax and Budget Associate with U.S. PIRG, on the settlement announced today  between UBS and government regulators over the Libor scandal in which UBS and other financial institutions are accused of unlawfully tampering with interest rates. Along with agreeing to this settlement, UBS admitted to charges of fraud. The total settlement amount is $1.5 billion, of which $1.2 billion will be paid to U.S. agencies.

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News Release | U.S. PIRG | Tax

UBS Libor Scandal: Should Taxpayers Have to Pay for Bank Wrongdoing?

The following is a statement of Ryan Pierannunzi, Tax and Budget Associate with U.S. PIRG, on the anticipated upcoming settlement between UBS and government regulators over the Libor scandal in which UBS and other financial institutions are accused of unlawfully tampering with interest rates.

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News Release | U.S. PIRG Education Fund | 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.  U.S. PIRG’s new data illustrates the size of this loss with 16 dramatic ways $150 billion could be spent.

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