Budget

End-of-year Traditions

By

After the disaster of a deal that privatized Chicago’s parking meters, there was a lot of talk of ensuring transparency and protections to make sure taxpayers never got ripped off again. Unfortunately, it looks as though the City Council is at it again — taking a short-term cash advance at the long-term expense of taxpayers and the public interest.

News Release | Illinois PIRG | Budget

First Step to Avoid the Fiscal Cliff: Close Offshore Tax Loopholes

CHICAGO, December 6th – With Congress scrambling to agree on ways to reduce the deficit, the Illinois Public Interest Research Group joined with Naperville small business owner Mike Nikodem today to point out a clear first step to avoid the “fiscal cliff”: closing offshore tax loopholes. Many of America’s largest corporations and wealthiest individuals use accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes. This tax avoidance costs the federal government $150 billion in tax revenue each year. Illinois PIRG released new data illustrating the size of this loss with 16 dramatic initiatives for which the $150 billion could have paid and also by demonstrating the impact of this amount on the fiscal cliff.

Report | Illinois PIRG | Budget

What America Could Do With $150 Billion Lost to Tax Havens

Tax avoidance costs the federal government $150 billion in tax revenue each year. Illinois PIRG released new data illustrating the size of this loss with 16 dramatic initiatives for which the $150 billion could have paid and also by demonstrating the impact of this amount on the fiscal cliff.

News Release | Illinois PIRG | Budget

Offshore Tax Havens Cost Average Illinois Taxpayers $508 a Year, Each Illinois Small Business $2,556, New Study Finds

With tax day approaching, a new study released by Illinois PIRG found that the average Illinois taxpayer in 2011 would have to shoulder an extra $508 tax burden make up for revenue lost from corporations and wealthy individuals shifting income to offshore tax havens. The report “Picking up the Tab” also found that to cover the cost of the corporate abuse of tax havens in 2011, small businesses in Illinois would have to foot a bill of $2,556 on average.

Report | Illinois PIRG | Budget

Picking up the Tab

Some U.S.-based multinational firms or individuals avoid paying U.S. taxes by transferring their earnings to tax haven countries with minimal or no taxes. These tax haven users 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.

Report | Illinois PIRG | Budget

Loopholes for Sale

Loopholes for Sale pursues the intersection of corporate campaign contributions to members of Congress and the absence of Congressional action to close corporate tax loopholes and raise additional revenue from corporate taxes.

News Release | Illinois PIRG | Budget

Amendment Passes to Crack Down on Offshore Tax Cheats

A statement from Illinois PIRG on the passage of the Senate Amendment 1818, introduced by Senators Levin, Conrad, and Whitehouse to the Transportation Bill, which will stop foreign financial institutions in places like the Cayman Islands from aiding U.S. tax cheats.

News Release | Illinois PIRG | Budget

Facebook’s Tax Dodge Stands to Make Billions for Company and Zuckerberg

U.S. Senator Carl Levin isn’t necessarily the man you’d look to for the latest news about Facebook. However, today he broke some shocking news on the Senate floor about special tax favors that Facebook and its CEO, Mark Zuckerberg, will enjoy at great cost to the U.S. Treasury.

Budget Address: Close Corporate Tax Loopholes

By | Celeste Meiffren
Field Director

In his budget address today, Governor Pat Quinn called for closing corporate tax loopholes, saying ‘For too long, we’ve had a revenue code that looks like Swiss cheese, with plenty of loopholes for the powerful." With tough budget decisions facing the State, closing tax loopholes that serve no public purpose, is the right thing to do...

News Release | Illinois PIRG | Budget

Thirty Fortune 500 Companies Paid More to Lobby Congress Than Taxes

With the second anniversary of the Supreme Court’s decision in the Citizens United case approaching – which opened the floodgates to corporate spending on elections – Illinois PIRG and Citizens for Tax Justice reveal thirty corporations that spent more to lobby Congress than they did in taxes.

Pages

Subscribe to RSS - Budget

Support Us

Your donation supports Illinois PIRG’s work to stand up for consumers on the issues that matter, especially when powerful interests are blocking progress.

Consumer Alerts

Join our network and stay up to date on our campaigns, get important consumer updates and take action on critical issues.
Optional Member Code



Illinois PIRG is part of The Public Interest Network, which operates and supports organizations committed to a shared vision of a better world and a strategic approach to social change.