Tax

Report | Georgia PIRG Education Fund and the Frontier Group | Tax

Following the Money 2016

Report | Georgia PIRG | 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.

News Release | Georgia PIRG | Tax

Offshore Tax Havens Cost Average Georgia Taxpayer $712 a Year, Georgia Small Business $1,963

ATLANTA, April 4 – With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. Georgia PIRG released a new study today which revealed that the average Georgia taxpayer in 2012 would have to shoulder an extra $712 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

Report | Georgia PIRG | Tax

Picking Up the Tab 2013

Some U.S.-based multinational firms and individuals avoid paying U.S. taxes by using accounting tricks to shift profits made in America to offshore tax havens—countries with minimal or no taxes. They benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

Media Hit | Tax

Tax havens and tax refund fraud

States with budget shortfalls are struggling to account for the revenue gaps. One way to boost their economic health would be for states and the federal government to close corporate tax loopholes, writes an official for a nonprofit consumer group. A certified public accountant suggests changes in the U.S. tax code would raise revenue but might also cause substantial job losses. A third writer talks about stopping tax refund fraud.

 

Tis the season! For taxes, that is.

By

 

My W-2 just came in the mail, my bank is sending me reminders to download my 1099, and my TV is full of kindly tax service professionals who assure me that they’re there to help. This weekend I’ll sit down at the kitchen table with a pile of forms and a checkbook, and I’ll pay my taxes. It’s not glamorous, but it’s something we all do.

Well, almost all of us.

Media Hit | Tax

Georgia PIRG: Tax offshoring costs Georgia $569 million

A Georgia consumer group claims the state lost $569 million in corporate income taxes in 2011 from companies using offshore tax havens.

In a study released Tuesday, Georgia Public Interest Research Group Education Fund said “states automatically lose billions of dollars in revenue each year simply because their tax codes are closely linked to federal tax codes. When multinational firms shift the reporting of profits offshore on their federal taxes, those profits go un- reported for state tax purposes too.”

News Release | Georgia PIRG Education Fund | Tax

Offshore Tax Dodging Blows a $918 Million Hole in Georgia Budget

ATLANTA, February 5th – With Georgia in the midst of a continued budget crunch, the Georgia PIRG Education Fund, joined by Alan Essig of the Georgia Budget and Policy Institute, released a new study revealing that Georgia lost $918 million due to offshore tax dodging last year. Many of America’s wealthiest individuals and largest corporations, use tax loopholes to shift profits made in America to offshore tax havens, where they pay little to no taxes.

Report | Georgia PIRG 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.

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.

News Release | Georgia PIRG Education Fund | Budget, Tax

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

A new report 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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