Tax

Report | PennPIRG | Budget, Tax

Closing the Billion Dollar Loophole

New report tells how some states have found a simple reform to reclaim significant revenue lost to offshore tax havens. Includes estimates of how much each state loses in state revenue to offshore tax haven abuse and how much each state would gain by closing the "water's edge" loophole.

Report | PennPIRG | Tax

Offshore Shell Games

With Congress considering big cuts to public programs, PennPIRG released fresh evidence that the vast majority of large companies are dodging taxes by stashing money in offshore tax havens. In a study of the top 100 publicly traded companies, as measured by revenue, the study reveals that 82 maintain subsidiaries in offshore tax havens. Collectively, the companies report holding nearly $1.2 trillion offshore, with 15 companies accounting for two-thirds of the offshore cash.

News Release | PennPIRG | Tax

New Study: 82 of Top 100 Companies Used Tax Havens in 2012

With Congress considering big cuts to public programs, Penn PIRG released fresh evidence that the vast majority of large companies are dodging taxes by stashing money in offshore tax havens. In a study of the top 100 publicly traded companies, as measured by revenue, the study reveals that 82 maintain subsidiaries in offshore tax havens. Collectively, the companies report holding nearly $1.2 trillion offshore, with 15 companies accounting for two-thirds of the offshore cash.

News Release | PennPIRG | Food, Tax

Ag Subsidies Pay for 20 Twinkies Per Taxpayer, but Only Half of an Apple Apiece

Federal subsidies for commodity crops are subsidizing junk food additives like high-fructose corn syrup at a rate that would buy 20 Twinkies for each taxpayer every year, according to PennPIRG's new report, "Apples to Twinkies 2013." Meanwhile, subsidies for fresh fruits and vegetables would buy just one half of an apple per taxpayer per year.

Report | PennPIRG | Food, Tax

Apples to Twinkies

Federal subsidies for commodity crops are subsidizing junk food additives like high-fructose corn syrup at a rate that would buy 20 Twinkies for each taxpayer every year, according to Penn PIRG's new report, "Apples to Twinkies 2013." Meanwhile, subsidies for fresh fruits and vegetables would buy just one half of an apple per taxpayer per year.

Issue | Health Care

Fighting The High Cost Of Rx Drugs

Brand-name drug companies have been paying off generic drug makers to delay competition and keep prices high. This widespread pay-for-delay scheme needs to be put to an end. 

Report | PennPIRG Education Fund | Tax

Following the Money 2013

Every year, state governments spend tens of billions of dollars through contracts with private entities for goods and services, subsidies to encourage economic development, grants, and other forms of spending. Accountability and public scrutiny are necessary to ensure that state funds are well spent.

News Release | PennPIRG Education Fund | Tax

Offshore Tax Dodging Blows a $2.1 Billion Hole in Pennsylvania Budget

Federal taxpayers are not the only victims of offshore tax havens. Tax havens deprive state governments of billions of dollars in badly needed revenues as well. Based how much income is federally reported in each state, and on state tax rates, it is possible to calculate how much each of the state governments lose as a result of offshore tax dodging.

Report | PennPIRG Education Fund | Tax

The Hidden Cost of Offshore Tax Havens

When U.S. corporations and wealthy individuals use offshore tax havens to avoid paying taxes to the federal government, it is an abuse of our tax system. Tax haven abusers benefit from our markets, infrastructure, educated workforce, and security, but they pay next to nothing for these benefits. Ultimately, taxpayers must pick up the tab, either in the form of higher taxes, cuts to public spending priorities, or increased national debt.

News Release | PennPIRG | 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.

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