Tax

Report | Illinois PIRG | Tax

Picking Up the Tab 2014

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 state and federal income tax liability by billions of dollars. 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 – but they avoid paying for these benefits. Instead, ordinary taxpayers end up picking up the tab, either in the form of higher taxes, cuts to public spending priorities, or increases to the federal debt.

News Release | Illinois PIRG | Tax

Offshore Tax Havens Cost Average Illinois Taxpayer $1,396 a Year, Illinois Small Business $4,588

As hardworking Americans file their taxes today, it’s a good time to be reminded of how ordinary taxpayers pick up the tab for the loopholes in our tax laws. Illinois PIRG released a new study today entitled, “Picking up the Tab: Average Citizens and Small Businesses Pay the Price for Offshore Tax Havens” which revealed that the average Illinois taxpayer in 2013 would have to shoulder an extra $1,396 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

CFPB Gets Results for Consumers...And Taxpayers, Too

By | Ed Mierzwinski
Senior Director, Federal Consumer Program

The CFPB's latest enforcement action against Bank of America resulted in $727 million of consumer refunds for unfair credit card practices. But taxpayers also benefited, since CFPB told BofA it could not take a tax writeoff on the $25 million civil penalty fine it also was required to pay.

News Release | Illinois PIRG | Tax

Victory for Taxpayers and Consumers as Justice Dept. Denies Toyota $1.2 Billion Write-Off in Criminal Probe Settlement

Today, the Justice Department acted in the best interests of taxpayers and consumers, by denying Toyota a hidden $420 million tax benefit on its settlement for misleading consumers about dangerous car malfunctions. One line of text in the settlement made the difference: “Toyota agrees that it will not file a claim, assert, or apply for a tax deduction or tax credit.”

News Release | Illinois PIRG Education Fund | Tax

Illinois could save $108 million with simple, proven method to curb offshore tax dodging, new study finds

A simple reform, which has already been proven effective in Montana and passed in Oregon, would require companies to treat profits booked to notorious tax havens as domestic taxable income.

Report | Illinois 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 | Illinois PIRG | Tax

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

In a win for taxpayers, the $2 billion settlement with JPMorgan for its role in the Bernie Madoff Ponzi scheme will NOT be tax deductible, saving taxpayers as much as $595 million.

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.

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