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Close Corporate Tax Loopholes News Releases

News Release | TexPIRG | Budget

Offshore Tax Havens Cost Average Texas Taxpayers $467 a Year, Each Texas Small Business $2,085

With tax day approaching, a new TexPIRG study, Picking Up the Tab: Average Citizens and Small Businesses Pay the Price for Offshore Tax Havens, found that the average Texas taxpayer in 2011 would have to shoulder an extra $467 tax burden to make up for revenue lost from corporations and wealthy individuals shifting income to offshore tax havens. The report additionally found that the average additional tax burden shouldered by Texas small businesses added up to $2085 due to the “offshoring” of profits by large corporations.

News Release | TexPIRG | 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 – TexPIRG and Citizens for Tax Justice reveal 30 corporations that spent more to lobby Congress than they did in taxes.

News Release | TexPIRG | Tax

Off-Shore Tax Havens Cost Texas Taxpayers $7.9 Billion a Year

Major corporations and some individuals avoid a total of as much as $100 billion a year in federal taxes by “off-shoring” the profits they make here in the U.S. or by setting up sham headquarters in tax haven countries. As a result, Texas taxpayers are left footing the bill.

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The CUT Loopholes 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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