Tax

News Release | Illinois PIRG | Tax

Illinois Small Businesses Foot $4,570 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. Illinois PIRG released a new study today revealing that the average Illinois small business owner would have to pay an extra $4,570 in taxes to make up for the money lost in 2014 due to offshore tax haven abuse by large multinational corporations.  

Report | Illinois PIRG Education Fund | 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.

Report | Illinois PIRG Education Fund | Budget, Tax

Following the Money 2015

Every year, state governments spend hundreds of billions of dollars through contracts for goods and services, subsidies to encourage economic development, and other expenditures. Accountability and public scrutiny are necessary to ensure that the public can trust that state funds are spent as well as possible. 

News Release | Illinois PIRG | Tax

New Bill: No Federal Contracts for Companies that Renounce American Corporate Citizenship to Dodge Taxes

Statement of Illinois PIRG Tax and Budget Advocate Dan Smith on the introduction of the No Federal Contracts for Corporate Deserters Act, introduced by Senators Richard Durbin and Carl Levin in the Senate, and Reps. DeLauro and Doggett in the House.

Media Hit | Tax

Guest Column: Walgreens: Europe’s neighborhood drugstore?

Recent reports indicate that Walgreens, our neighborhood drugstore that’s been proudly based in Illinois for 113 years, may be changing its address to Europe to avoid paying its fair share of taxes.

Report | Illinois PIRG Education Fund and Citizens for Tax Justice | Tax

Offshore Shell Games 2014

Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens—countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated $90 billion in federal income taxes each year. These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity.

News Release | Illinois PIRG Education Fund | Tax

Study: 70% of Fortune 500 Companies Used Tax Havens in 2013

Tax loopholes encouraged more than 70 percent of Fortune 500 companies – including Abbot Labs and Caterpillar – to maintain subsidiaries in offshore tax havens as of 2013, according to the report “Offshore Shell Games,” released today by Illinois PIRG Education Fund and Citizens for Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

News Release | Illinois PIRG | Tax

Taxpayers Win, as Justice Department Blocks Credit Suisse Tax Write Off

On Tuesday, the Justice Department acted in the best interests of taxpayers by blocking Credit Suisse from writing off their $2.6 billion settlement for aiding tax evasion. The unpublicized stipulation will likely save taxpayers hundreds of millions of dollars by preventing the bank from treating the payment as an ordinary business cost on its taxes.

Media Hit | Tax

Close corporate tax loopholes

"Many U.S.-based multinationals, which do their business here in the U.S. using our infrastructure and educated workforce, can make profitsearned here appear on the books in offshore tax havens. This tax haven abuse costs us $90 billion each year."

News Release | Illinois PIRG Education Fund | Tax

Poll: Public Wants Federal Agencies to Disclose and Restrict Corporate Tax Write Offs for Out-of-Court Settlements

A new poll released today confirms what has long been apparent: The public overwhelmingly disapproves of corporations taking tax write offs for out-of-court settlements for wrongdoing, and has a strong preference for federal agencies to be both more transparent and more restrictive of tax deductions for future settlements. Substantial majorities across party lines would support reforms and greater transparency.

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