Budget

News Release | U.S. PIRG | Budget

Statement on the President's State of the Union Address

The State of the Union address is the President's opportunity to articulate his priorities.  In a time of divided government, action on many of the President's priorities will require an agreement with Congress.  However, it is notable the range of issues raised by the President where he and his Administration can take action independent of Congress. We list our U.S. PIRG position on key highlights:

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

By | Jaimie Woo
Tax & Budget Associate

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:

The Country Has Spoken

By | Jaimie Woo
Tax & Budget Associate

While the dust is still settling from the mid-term elections and the pundits are trying to figure out what it all means, the American people have made their collective voices heard and delivered a message that they do not like the country's direction. Exit polling data from Election Day showed clear majorities in against growing corporate influence on the political process and in favor of greater corporate accountability. The message is clear: inversions must stop, corporate tax avoidance must end, and special corporate loopholes must close.

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

U.S. PIRG Urges Treasury Department to Expand Ruling on Inversions

 

Washington, D.C. – The U.S. Public Interest Research Group today submitted comments to a ruling issued by The Department of Treasury on corporate inversions. The guidance, released in September, laid out a number of reforms to curb inversions including regulations on “hopscotch” loans and “de-controlling” strategies.

It's Not Over Yet

By | Jaimie Woo
Tax & Budget Associate

There are 12 days left before the 2014 election, and campaign efforts have hardly let up. Last-minute donations are flooding in, canvassers are knocking on doors, and organizations are registering young people to vote.

But after November 4, Congress will reconvene, and their work will be far from over.

Recent Inversion Wave Brings on Slew of Outrage - What's Next?

By | Jaimie Woo
Tax & Budget Associate

 

Ten years ago, Republicans and Democrats agreed that corporate tax dodging was a problem, and came together to fix it. But large U.S. corporations got trickier — they sought out new ways to get around paying their taxes on U.S. profits, hiring thousands of tax accountants to take advantage of loopholes in our tax code. The recent fix? Corporate inversions.

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."

News Release | U.S. PIRG Ed Fund & Citizens for Tax Justice | Budget, Tax

Study: 70% of Fortune 500 Companies Used Tax Havens in 2013

Tax loopholes encouraged more than 70 percent of Fortune 500 companies to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund and Citizens For Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

Report | U.S. PIRG Ed Fund & Citizens for Tax Justice | Budget, Tax

Offshore Shell Games 2014

Tax loopholes encouraged more than 70 percent of Fortune 500 companies to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund and Citizens For Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

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

House Tax Writers Vote to Make Offshore Loopholes Permanent

House tax writers voted to renew and making permanent two expired offshore tax loopholes, forcing average taxpayers and small business owners to pick up the tab for tax dodging by many multinationals for years to come. For all of the talk in Washington about getting our fiscal house in order, the Committee did not consider how to pay for these expensive tax breaks.

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