Tax

With the heightened attention paid to Mitt Romney’s use of offshore tax havens, it is important to remember that tax havens are more than just an electoral issue. Tax havens are a serious policy matter that profoundly affects ordinary Americans, our economy, our national debt and our long-term competitiveness.

PHILADELPHIA, Jan. 18 – With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case, which opened the floodgates to corporate spending on elections, PennPIRG and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

A comprehensive new study from the Institute on Taxation and Economic Policy finds that 68 of 265 consistently profitable Fortune 500 corporations paid no state corporate income tax in at least one of the last three years. 20 of these corporations averaged a tax rate of zero or less during the 2008-2010 period.

PHILADELPHIA, April 18– Major corporations and some individuals avoid a total of as much as $100 billion a year in federal taxes by “off-shoring” the profits they make here in the U.S. or by setting up sham headquarters in tax haven countries. As a result, Pennsylvania taxpayers are left footing the bill.