News Release | Illinois PIRG | Tax

No Madoff Write-off For JPMorgan

Americans don’t deduct their parking tickets or library fines from their taxes. Corporations like JPMorgan shouldn’t be able to deduct their settlements for wrongdoing either.

News Release | Illinois PIRG | Tax

Record-breaking JPMorgan Settlement Contains Protections for Taxpayers

The Department of Justice Specifically Disallows Tax Deductibility of JPMorgan’s $2 Billion Fine, Allows Deduction for Remainder of Settlement.

News Release | Illinois PIRG | Tax

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

JPMorgan could get a $35 million tax deduction from its $100 million settlement with Commodity Futures Trading Commission unless the regulator explicitly forbids it.

Mayor Did The Right Thing on Midway


Killing the Midway deal for lack of competition in the bidding was not only the right thing to do for that deal, but it should be the City's policy.

News Release | Illinois PIRG | Budget, Tax

JPMorgan Shouldn’t Receive Tax Windfall for London Whale Penalty

Unless regulators forbid JPMorgan Chase from writing off an $800 million settlement as a tax deduction, taxpayers could end up shouldering 35 percent of the cost of the settlement.

News Release | Illinois PIRG | Tax

Offshore Tax Havens Cost Average Illinois Taxpayer $1,058 a Year, Illinois Small Businesses $3,202

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. Illinois PIRG released a new study that revealed the average Illinois taxpayer in 2012 would have to shoulder an extra $1,058 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

Report | Illinois PIRG | 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.

Even when tax haven abusers act perfectly legally, they force other Americans to shoulder their tax burden. Every dollar in taxes they avoid by using tax havens must be balanced by other Americans paying higher taxes, coping with cuts to government programs, or increasing the federal debt.

Academic studies conclude tax haven abuse costs the United States approximately $150 billion in tax revenues every year. Multinational corporations account for $90 billion and individuals the rest.

News Release | Illinois PIRG Education Fund | Budget, Tax

Offshore Tax Dodging Blows a $2.5 Billion Hole in Illinois’ Budget

With Illinois in the midst of a budget crisis, the Illinois PIRG Education Fund, joined by the Small Business Advocacy Council; Gail Glasser, a small business owner; and the Chicago Political Economy Group, released a new study revealing that Illinois lost $2.5 billion 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.

Report | Illinois PIRG Education Fund & Frontier Group | Budget, 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.

Tax havens are countries or jurisdictions with minimal or no taxes. Corporations and individuals shift earnings to financial institutions in these countries to reduce their U.S. income tax liability—costing the federal government $150 billion in lost revenues each year.

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. In 2012, the state of Illinois lost $2.5 billion.

News Release | Illinois PIRG | 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. The new study, released by the Illinois Public Interest Research Group (Illinois PIRG), follows a record year of corporate settlements, while many more settlements relating to banking, environmental, and consumer safety issues are expected.


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