Tax

News Release | Maryland PIRG | Tax

Maryland Small Businesses Foot $1 Billion 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. Today, Maryland PIRG released a new study by the Maryland PIRG Foundation revealing that the average Maryland small business owner would have to pay an extra $1,599 in taxes to make up for the money lost in 2014 due to offshore tax haven abuse by large multinational corporations. 

Report | Maryland PIRG Foundation | 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.

News Release | Maryland PIRG Foundation | Tax

Maryland Receives "B+" in Annual Report on Transparency of Government Spending

Maryland received a “B+” when it comes to government spending transparency, according to “Following the Money 2015: How the 50 States Rate in Providing Online Access to Government Spending Data,” the sixth annual report of its kind by the Maryland Public Interest Research Group Foundation.

Testimony on SB179

By | Emily Scarr
Director

The groups listed above support SB 179, which requires affiliated corporations to compute Maryland taxable income using combined reporting. The bill also eliminates the annual filing fee for specified annual reports for a corporation or business entity with less than 10 employees.

News Release | Maryland PIRG | Tax

Senator Coburn (R-OK) Slams Corporate Deductions of Legal Damages

Yesterday Senator Tom Coburn (R-OK) published a guide to unjustified “giveaways” in the tax code. Included in the guide was a discussion and recommendation on the practice of corporations deducting the settlement payments they make in order to resolve accusations of wrongdoing against the public. He notes that the Department of Justice has the ability to render particular settlement payments nondeductible, but calls for legislation to disallow deductions for compensatory legal damages.

News Release | Maryland PIRG | Tax

BP Could Take $6.3 Billion Tax Deduction For Gross Negligence In Deepwater Horizon Spill

BP could claim a $6.3 billion tax windfall from settling charges of its gross negligence in the Deepwater Horizon disaster unless the EPA prevents it.

News Release | Tax

Bank of America settlement loophole creates at least $4 billion burden for taxpayers

        
The Justice Department allows Bank of America to write off most of its legal settlement for mortgage abuses as a tax deduction, shifting at least $4 billion back onto taxpayers.

Bipartisan Bill to Expose Tax Write-Offs for Corporate Wrongdoing Clears Committee

By | Phineas Baxandall
Senior Analyst for Tax and Budget Policy

U.S. PIRG applauds the Homeland Security and Government Affairs Committee for approving the bipartisan Truth in Settlements Act. Thanks to a loophole in the law, companies paying out-of-court settlements to federal agencies can often deduct part of the cost from their tax bill as an ordinary business expense. This important bipartisan legislation would take the critical step of requiring the terms of these deals to be made public.

News Release | Maryland PIRG Foundation and Citizens for Tax Justice | Tax

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

Tax loopholes encouraged more than 70 percent of Fortune 500 companies – including Stanley Black & Decker in Maryland – to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by the Maryland PIRG Foundation and Citizens for Tax Justice (CTJ). 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.

Report | Maryland PIRG Foundation and Citizens for Tax Justice | Tax

Offshore Shell Games

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. 

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