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Close Corporate Tax Loopholes News Releases

News Release | Budget

Offshore Tax Havens Cost Average Maryland Taxpayers $459 a Year

With tax day approaching, a new study released by Maryland PIRG found that the average Maryland taxpayer in 2011 would have to shoulder an extra $459 tax burden to make up for revenue lost from corporations and wealthy individuals shifting income to offshore tax havens. The report additionally found that to cover the cost of the corporate abuse of tax havens in 2011, small businesses in Maryland would have to foot a bill of over $2,298 on average.

News Release | Budget, Democracy

Thirty Fortune 500 Companies Paid More to Lobby Congress than they Did in Federal Income Taxes

With the second anniversary approaching of the Supreme Court’s decision in the Citizens United case – which opened the floodgates to corporate spending on elections – Maryland PIRG and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

News Release | Budget, Tax

Report Shows Fortune 500s Pay Few State Taxes

A comprehensive new study from the Institute on Taxation and Economic Policy while profiles the 265 consistently profitable Fortune 500 corporations finds that 68 companies paid no state corporate income tax in at least one of the last three years and 20 of these corporations averaged a tax rate of zero or less during the 2008-2010 period.

News Release | Budget, Tax

New Report Shows Problems with Widely Used Local Economic Development Tool

A new research report released today outlines problems with the growing trend among cities to borrow against future growth and divert tax revenues as a way to attract economic development.

News Release | Budget, Tax

Taxpayer Subsidies for Junk Food Wasting Billions

Federal subsidies for commodity crops are also subsidizing junk food additives like high fructose corn syrup, enough to pay for 19 Twinkies per taxpayer every year, according to Apples to Twinkies, a new report by Maryland PIRG.   Meanwhile, limited subsidies for fresh fruits and vegetables would buy less than a quarter of an apple per taxpayer.

News Release | Budget, Tax

Unlikely Allies Uncover $1 Trillion in Savings for Super Committee

As the Congressional “Super Committee” begins its search for $1.5 trillion in deficit reduction, a new study released today by the U.S. Public Interest Research Group (U.S. PIRG) and the National Taxpayers Union (NTU) provides the panel with a great place to start: more than $1 trillion of spending cuts with appeal from across the political spectrum.

News Release | Budget, Financial Reform, Tax

Senator Carl Levin Introduces Stop Tax Haven Abuse Act

The Stop Tax Haven Abuse Act is a timely and critically important proposal that seeks to stem flight of capital from this country. The bill will force open and honest accounting of profits. It will put an end to the price and profit shifting that allows companies to engage in such pervasive tax avoidance.

News Release | Budget, Tax

Off-Shore Tax Havens Cost Maryland Taxpayers $470 a Year

Maryland taxpayers gathered at a Baltimore Bank of America branch on Monday to show their support for closing loopholes that allow 83 of the 100 largest corporations in America to avoid an estimated $100 billion a year in taxes by hiding their profits overseas.

News Release | Budget, Financial Reform

Maryland Earns “C” in Annual Report on Transparency of Government Spending

Maryland got a “C” when it comes to openness about government spending, according to "Following the Money 2011: How the States Rank on Providing Online Access to Government Spending Data," the second annual report of its kind by the Maryland Public Interest Research Group (Maryland PIRG).

News Release | Budget, Tax

Unlikely Allies Uncover Billions in Federal Government Savings

As a federal commission continues to debate recommendations for addressing future federal deficits, a new study released today by the U.S. Public Interest Research Group (U.S. PIRG) and the National Taxpayers Union (NTU) provides the panel with a great place to start: more than $600 billion of spending cuts with appeal across the political spectrum.

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The Stop Tax Havens Abuse Act would put an end to the price and profit shifting that allows publicly traded companies to engage in pervasive tax avoidance.

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