Tax

News Release | MarylandPIRG | Tax

MarylandPIRG 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). MarylandPIRG applauds the introduction of these bills, which would put an end to anonymous shell companies in the U.S.

 

 

News Release | Maryland PIRG Foundation | Budget, Tax

Following national trend, Maryland special district fails to disclose spending & budget data

A new report, “Following the Money 2017: Governing in the Shadows”, released by Maryland Public Interest Research Group Foundation found that special districts across the country, like Northeast Maryland Waste Disposal Authority here in Maryland, are failing to meet modern standards of spending transparency. The report looked at 79 special districts and graded them based on the accessibility of checkbook level spending data, budget information, and audited financial statements. 

Report | Maryland PIRG Foundation | Budget, Tax

FOLLOWING THE MONEY 2017: SPECIAL DISTRICTS

“Special districts” are a type of government agency that exist outside of traditional forms of general purpose local or state governments, and serve key governmental functions such as public transit or housing. However, special districts are poorly understood by the public and often do business without adhering to modern standards of government budget or spending transparency. The lack of transparency and accountability of many special districts has caused concern among some state agencies and government watchdogs, as it can contribute to an atmosphere conducive to lowered efficiency and potential misconduct. 

News Release | Tax

Maryland Receives "B+" in Annual Report on Online Transparency of Government Spending

Maryland received a B+ when it comes to online transparency in government spending, according to “Following the Money 2016: How the 50 States Rate in Providing Online Access to Government Spending Data,” the seventh annual report of its kind by Maryland Public Interest Research Group Foundation. The state’s grade has changed only marginally since last year.

Report | Maryland PIRG Foundation and Frontier Group | 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.

News Release | Maryland PIRG | Tax

Panama Papers’ Anonymous Shell Companies an American Problem, Too

While the coverage of the Panama leak has focused mainly on the international problem of anonymous companies, this is also a problem in the United States. One 2012 study found that the US is the second easiest place in the world to launder money, and in many states, you have to provide more information about your identity to get a driver’s license than you do to form a corporation .

News Release | Maryland PIRG | Tax

Deepwater Horizon Settlement Comes with Estimated $5.35 Billion Tax Windfall

Today’s announcement by the U.S. Department of Justice of a proposed $20.8 billion out-of-court settlement with BP to resolve charges related to the Gulf Oil spill allows the corporation to write off $15.3 billion of the total payment as an ordinary cost of doing business tax deduction. This proposed settlement would allow BP to claim an estimated $5.35 billion as a tax windfall, significantly decreasing the public value of the agreement, and nearly offsetting the cost of the non-deductible penalty.

News Release | Maryland PIRG | Tax

Maryland Small Businesses Foot $1 Billion Bill from Offshore Tax Dodging

As Tax Day approaches, it’s important to remember that small businesses end up picking up the tab for offshore tax loopholes used by many large multinational corporations. Today, Maryland PIRG released a new study by the Maryland PIRG Foundation revealing that the average Maryland small business owner would have to pay an extra $1,599 in taxes to make up for the money lost in 2014 due to offshore tax haven abuse by large multinational corporations. 

Report | Maryland PIRG Foundation | Tax

Picking Up the Tab 2015

Every year, corporations and wealthy individuals use complicated gimmicks to shift U.S. earnings to subsidiaries in offshore tax havens – countries with minimal or no taxes – in order to reduce their federal and state income tax liabilities by billions of dollars. While tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law – all supported in one way or another by tax dollars – they continue to avoid paying for these benefits.

News Release | Maryland PIRG Foundation | Tax

Maryland Receives "B+" in Annual Report on Transparency of Government Spending

Maryland received a “B+” when it comes to government spending transparency, according to “Following the Money 2015: How the 50 States Rate in Providing Online Access to Government Spending Data,” the sixth annual report of its kind by the Maryland Public Interest Research Group Foundation.

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