Tax

Report | Maryland 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 | Maryland PIRG | Tax

Regulators Disallow Tax Deduction for JPMorgan’s $1.7 Billion Settlement, Saving Taxpayers Close to $600 Million

Maryland PIRG applauds regulators for protecting taxpayers in their recent settlement with JPMorgan over its gross oversights that allowed the Madoff Ponzi scheme to continue swindling people from around the nation out of billions of dollars.  By preventing JPMorgan from writing off its $1.7 billion payment, regulators saved taxpayers as much as $595 million.

Resource | Tax

Fact Sheet: End Tax Write-Offs for Wrongdoing

Explains how taxpayers foot the bill when companies that commit misdeeds against the public write off the costs as a tax deduction.

News Release | Tax

JPMorgan Shouldn’t Get Tax Break for “London Whale” Settlement

“On Wednesday, reports emerged that JPMorgan Chase will agree to admit to wrongdoing and pay a $100 million penalty for improper market manipulation that led to a multibillion dollar trading loss. Yet unless the Commodity Futures Trading Commission (CFTC) explicitly forbids it, the bank could write off the settlement as a tax deduction, forcing taxpayers to shoulder some of the cost of JPMorgan’s admitted reckless behavior.

Apples to Twinkies 2013

At a time when America faces high obesity rates and tough federal budget choices, taxpayer dollars are funding the production of junk food ingredients. Since 1995, the government has spent $292.5 billion on agricultural subsidies, $19.2 billion of which have subsidized corn- and soy-derived junk food ingredients. These subsidies are all the more egregious at a time when America is facing an obesity epidemic. Children are three times more likely to be obese than their counterparts three decades ago.

News Release | Maryland PIRG | Budget, Tax

Offshore Tax Havens Cost Average Maryland Taxpayer $1,065 a Year, Maryland Small Business $3,245

April 15, Baltimore – On Tax Day, it’s a good time to be reminded of where our tax dollars are going. Maryland PIRG  released its  annual study showing the average Maryland  taxpayer in 2012 would have to shoulder an extra $1,065 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals. 

Report | Maryland PIRG | Budget, Tax

Picking Up the Tab

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.

A bipartisan group of senators agree that closing offshore tax loopholes, which allow large profitable companies to dodge billions in taxes, needs to be part of the budget.

News Release | Maryland PIRG Foundation | Tax

Offshore Tax Dodging Blows $966 Million Hole in Maryland Budget: New Maryland PIRG Study Exposes the Real Cost of Tax Loopholes for Maryland Residents

With Maryland facing tough budget choices, especially with regards to transportation, Maryland PIRG released a new study revealing that Maryland lost $966 million due to offshore tax dodging in 2012. 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.

 

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