Tax

News Release | U.S. PIRG | Tax

This Time, BP Settlement Protects Taxpayers

The Department of Justice saved taxpayers over $1 billion by negotiating to make sure BP would not take today's $4.5 billion legal settlement as a tax deduction.

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

Aggressive New Stance by Justice Department on BP Spill Offers Little-Known Benefit for Taxpayers

Statement of Ryan Pierannunzi, U.S. Public Interest Research Group Tax and Budget Associate, on the Department of Justice's August 31 court filing that charges BP with gross negligence for its role in the Deepwater Horizon disaster, which may impact the tax-deductibility of a future settlement and protect the public from having to pick up the tab.

News Release | U.S. PIRG | Tax

Senate Finance Votes to Extend Offshore Tax Loopholes

Americans will pick up the $13 billion tab for multinational tax avoidance if two "tax extenders" approved by the Senate Finance Committee become law.

The Senate transportation bill doesn't transform the way America invests in transportation, but it finds some good ways to save money and increase performance within an austerity budget

News Release | U.S. PIRG | Tax

Lobby Effort Disbanded to Create Tax Holiday for Users of Offshore Tax Shelters

Bloomberg and The Hill yesterday reported the disbanding of the lobbying effort to create a tax holiday for profits stashed in offshore tax havens. The “Win America Campaign,” which included corporate giants such as Cisco Systems, Duke Energy, Pfizer and Microsoft, ended its relationship with two of its three lobbying firms in March, according to forms reportedly filed with the U.S. Senate last week.

News Release | U.S. PIRG | Tax

BP Settlement With Government May Follow Pattern of Allowing Companies to Write Off Costs of Wrongdoing

A new white paper released today by U.S. PIRG examines a persistent pattern of companies that sign settlements with the government for their wrongdoing, then deduct the settlement costs as a normal business expense on their taxes. The white paper comes as the nation anticipates a multi-billion dollar settlement announcement between BP and the federal government for the massive oil spill in the Gulf of Mexico.

Report | U.S. PIRG | Tax

Rogues Gallery of Major Corporate Legal Settlements

The following list of recent major corporate settlements displays a harrowing array of harms to the public. After government agencies sought redress for corporate wrongdoing, they negotiated with the companies for payments that were presumably less than the agency would have ordered in damages or fines if it had chosen to go through with a protracted lawsuit.

News Release | U.S. PIRG | Tax

Taxpayers would Pay $426 to Make Up for Tax Haven Abuse, Small Businesses $2,116

With Tax Day approaching, a new U.S. PIRG report found the average tax filer in 2011 would have to pay $426 to make up for revenue lost from corporations and wealthy individuals shifting income to offshore tax havens. The report additionally found that if they were to cover the cost of the corporate abuse of tax havens in 2011, the average American small business would have to pay $2,116.

Report | U.S. PIRG | 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.

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

Release of New Report: Loopholes for Sale

A new report released Wednesday, March 21 by U.S. PIRG and Citizens for Tax Justice (CTJ) found that thirty unusually aggressive tax dodging corporations have made campaign contributions to 524 (98 percent) sitting members of Congress, and disproportionately to the leadership of both parties and to key committee members. The report, Loopholes for Sale: Campaign Contributions by Corporate Tax Dodgers, examines campaign contributions made by a total of 280 profitable Fortune 500 companies in 2006, 2008, 2010 and to date in 2012.

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