Tax

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

U.S. PIRG praises Sen. Sherrod Brown for including unpaid caregivers in the Earned Income Tax Credit

Sen. Sherrod Brown of Ohio has devised a creative way to ensure that Americans can maintain their quality of life, liberty and the pursuit of happiness as the nature of work changes.

News Release | CALPIRG Education Fund | Tax

Report: California Could Recover Nearly $2.8 Billion Lost to Corporate Tax Loopholes

Sacramento -- Every year, corporations use complicated schemes to shift U.S. earnings to subsidiaries in offshore tax havens which helps them dodge both state and federal taxes. Reforms to end tax dodging in California would reduce revenue loss by nearly $2.8 billion, according to a new report called “A Simple Fix for a $17 Billion Loophole,” released today by CALPIRG Education Fund. 

Report | CALPIRG Education Fund | Tax

A Simple Fix for a $17 Billion Loophole

Every year, corporations use complicated schemes to shift U.S. earnings to subsidiaries in offshore tax havens—countries with minimal or no taxes—in order to reduce their state and federal income tax liability by billions of dollars. Meanwhile, smaller, wholly-domestic U.S. businesses cannot game the system in the same way. The result is that large multinational businesses compete on an uneven playing field, avoiding taxes that their small competitors must pay. Innovation in the marketplace is replaced by innovation in the tax code.

News Release | US PIRG | Tax

U.S. PIRG Statement on House Tax Bill

Below is a statement from U.S. PIRG Program Advocate Michelle Surka on the proposed House tax bill's impacts on our debt:

“The Tax Cuts and Jobs Act, introduced this morning in the House, is an exercise in fiscal recklessness, exploding the budget deficit while failing to close the biggest tax loopholes and relying on gimmicks to obscure the impact on the national debt. Rather than make prudent trade-offs to achieve the President's promised tax cuts, this bill twists itself into knots attempting to distract from the bottom line: it will add trillions to our deficit."

News Release | CALPIRG | Tax

CALPIRG Applauds Introduction of Bill to End Anonymous Shell Companies

 

This Wednesday, Representatives Peter King (R-NY) and Carolyn Maloney (D-NY) introduced the Corporate Transparency Act (H.R. 3089). Senators Chuck Grassley (R-IA) and Sheldon Whitehouse (D-RI) also introduced their companion bill, the True Incorporation Transparency for Law Enforcement (TITLE) Act (S. 1454). CALPIRG applauds the introduction of these bills, which would put an end to anonymous shell companies in the U.S.

News Release | CALPIRG Education Fund | Tax

California Again Receives "F" in Annual Report on Transparency of Government Spending

"California fails to provide average citizens with comprehensive, easily searchable data on government contracts and spending ,” said Emily Rusch, Executive Director of CALPIRG Education Fund. “You shouldn’t have to be an expert to be able to follow your tax dollars through California’s government. Over the course of seven years, most states have made significant transparency improvements. Despite being home to Silicon Valley, California ranks last of all 50 states in this year's report.”

Report | CALPIRG Education Fund | Tax

Following the Money 2016

State governments spend hundreds of billions of dollars each year through contracts for goods and services, subsidies to encourage economic development, and other expenditures. Public accountability helps ensure that state funds are spent as wisely as possible. Our 7th annual "Following the Money" report found that California still lags behind every other state in providing accessible, searchable data to the public.

News Release | CALPIRG Education Fund | Tax

Government Agencies Allow Corporations to Write Off Billions in Federal Settlement Payments

A new study by California Public Interest Research Group Education Fund analyzes which federal agencies allow companies to write off out-of-court settlements as tax deductions and which agencies are transparent about these deals. The study found that five of the largest government agencies that sign settlement agreements with corporations rarely specify the tax status of the resulting payments. Billions of dollars are allowed to be written off as cost of doing business tax deductions. Additionally, the report found that major government agencies do not consistently disclose the details of corporate settlement agreements.

Report | CALPIRG Education Fund | Tax

Settling for a Lack of Accountability?

When large companies harm the public through fraud, financial scams, chemical spills, dangerous products or other misdeeds, they almost never just pay a fine or penalty, as ordinary people would. Instead, these companies negotiate out-of-court settlements that resolve the charges in return for stipulated payments or promised remedies. These agreements, made on behalf of the American people, are not subject to any transparency standards and companies often write them off as tax deductions claimed as necessary and ordinary costs of doing business.

Report | CALPIRG Education Fund and Citizens for Tax Justice | Tax

Offshore Shell Games 2015

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their full share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in offshore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox. Multinational corporations’ use of tax havens allows them to avoid an estimated $90 billion in federal income taxes each year. Many of the worst offenders are headquartered in California. 

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