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Blog Post | Budget, Tax

New year, fresh start: Congress’s Do’s and Don’ts | Jaimie Woo

Another year has come and gone, and 2015 presents an opportunity to start fresh. With that in mind, it’s time for the newly minted 114th Congress to make the right choices for the public’s interest in its New Year’s resolutions, and making the tax code fairer is a good place to start. 

“Tax reform.” Perhaps you hear these words and your eyes gloss over. It’s long been talked about, but hardly any progress made on the issue in nearly 30 years. However, both the president and Republican Congressional leaders have said they’re willing to make headway by reforming the corporate tax code. Here is a short list of Do’s and Don’ts that puts the public interest first and should form the basis of any agreement:

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News Release | US PIRG | Tax

S&P Settlement Could Leave Taxpayers Partly Underwater Again

Standard & Poor’s (S&P), the bond-rating agency whose past practices have been tied to the mortgage crisis, is in negotiations with the U.S. Justice Department to settle allegations of civil fraud with a payout of over $1 billion. Unless the Justice Department specifically forbids it, the deal could allow S&P to claim the payment as a deductible business expense worth more than $350 million.

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News Release | U.S. PIRG | Consumer Protection

House Passes Two Bills Favored By Wall Street, Harmful to the Public

Statement of Consumer Program Director Ed Mierzwinski: "This week, the U.S. House of Representatives passed two awful bills on behalf of Wall Street and the U.S. Chamber of Commerce. One bill weakens important 2010 financial system reforms designed to prevent another financial system collapse like the one in 2008 that occurred due to Wall Street malfeasance. The second imposes massive roadblocks in front of any agency, from EPA and FDA to the financial regulators, seeking to protect the public's health, safety or wallets. We will seek to block these bills in the Senate and at the White House."

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News Release | U.S. PIRG | Consumer Protection, Higher Ed


WASHINGTON, DC --   Today the Consumer Financial Protection Bureau launched an initiative to protect students from the high banking fees and aggressive marketing surrounding campus bank accounts.

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News Release | U.S. PIRG | Democracy

Study Shows Big Donors Dominated Competitive 2014 Congressional Races

U.S. PIRG today released a new study, “The Money Chase: Moving from Big Money Dominance in the 2014 Midterms to a Small Donor Democracy,” at a joint research summit with seven other major money in politics organizations. The study, which was written by U.S. PIRG and Demos, found that the top two vote-getters in the 25 most competitive districts in 2014 got 86 percent of their campaign contributions from individuals giving $200 or more. Only two of the 50 candidates surveyed raised less than 70 percent of their individual contributions from big donors, and seven relied on big donors for more than 95 percent of their individual contributions. 

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News Release | U.S. PIRG | Public Health

FDA Protects Public by Releasing Two Long-Delayed Food Safety Rules; Five Critical Rules Still Yet To Be Released

After a one-year delay, the FDA finally released two vital food safety rules that will help protect American consumers from unsafe and contaminated food. The proposed rules will improve the safety of produce and establish better preventative controls and practices in food manufacturing.

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

Do New Mortgage Settlements Contain a Hidden $7 Billion Tax Subsidy for Banks?

Unless federal agencies prevent it, the banks in yesterday's settlement announcements will likely write off the penalties on their taxes, effectively forcing ordinary taxpayer to provide $7 billion in tax subsidies for their wrongdoing.

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Mortgage settlement will send billions to struggling homeowners

Almost 4 million homeowners might receive cash compensation and mortgage relief in a multi-billion-dollar settlement with 10 major banks, government regulators announced Monday. [...] “The money is grossly inadequate for homeowners, and the program will require careful oversight to ensure that all homeowners harmed get a fair chance at benefits,” said Ed Mierzwinski, the consumer program director for U.S. PIRG, a nonprofit advocacy group.

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News Release | U.S. PIRG | Tax

With Fiscal Cliff Deal Finalized, Congress Should Close Costly Corporate Tax Loopholes and End Special Interest Handouts

Statement of U.S. PIRG Tax and Budget Advocate Dan Smith on the fiscal cliff deal and the continuing need for tax and budget reforms.

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

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

A report released today 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. The new study, released by the U.S. Public Interest Research Group (U.S. PIRG), follows a record year of corporate settlements, while many more settlements relating to banking, environmental, and consumer safety issues are expected.

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