Close Corporate Tax Loopholes
Across the country, some of the nation’s most prosperous people and companies — including GE, Google and Goldman Sachs — have avoided paying the taxes they owe, costing taxpayers $150 billion just last year.
TAX HAVENS COST US $150 BILLION A YEAR
No company should be able to game the tax system to avoid paying what it legitimately owes. And, yet, with atleast 83 of the nation's top 100 publicly traded companies establishing shell companies in offshore havens to avoid taxes, this is becoming more the rule than the exception. GE, Google, Goldman Sachs and dozens of others have created hundreds of phantom entities with nothing more than a clever tax attorney and P.O. box.
Most recent academic studies estimate that about $150 billion in tax revenue is lost every year to offshore tax havens. The result? Cuts to public services, additional taxes today or additional debt to be paid by the next generation.
It’s not illegal, but it’s not right.
Meanwhile . . . the average taxpayer paid $1,026 more to cover the billions that GE and others skipped out on last year, companies that don’t use these schemes keep struggling to compete with those that do, and state legislatures and Congress are considering deep cuts for essential public programs — from education, to health care, to clean air and drinking water.
We're being asked to tighten our belts and make sacrifices while giving the tax haven crew a free ride. Illinois PIRG is pushing for commonsense changes that simply say that if corporations are based here and generate profits here, then they should, like all of us who earn income here, pay the taxes they owe.
Some of the nation’s most prosperous people and companies — including GE, Google and Goldman Sachs — avoid paying the taxes they owe, costing taxpayers $150 billion just last year.
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