logo Standing Up To Powerful Interests
IssuesNewsReportsDonateHow You Can HelpResultsAbout RIPIRGRIPIRG Education FundLegislative Scorecard JOBS

ISSUES

Close Corporate Tax Loopholes

 

What's New

Each year, America loses hundreds of billions of dollars in revenue because major corporations, federal government contractors, and Wall Street insiders fail to pay their fair share of taxes.

As part of his 2010 budget, President Obama has proposed aggressive action against corporate tax loopholes and wasteful subsidies.

Our new report, Tax Shell Game, highlights the widespread use of corporate tax havens and their effect on taxpayers.

Overview

Loopholes in the tax codes allow corporations to pay less taxes than citizens do. The president’s plan makes the tax code fair and creates more revenue. Here are the changes proposed:

1. Generate $210 billion in revenue by closing off shore tax havens that shield some of the nation’s biggest financial institutions from paying the US government.   

2. Generate $23 billion by making sure hidden profits made by hedge fund and private equity managers are accounted for and thus provide an above board income stream for the government.

3. Generate $844 million by making sure government contractors pay their taxes in full.    

In addition, the President’s plan helps to pay for clean energy programs with a $31 billion investment generated by eliminating inefficiencies, tax giveaways and subsidies in the tax code which currently benefit oil and gas companies.



U.S. PIRG on Countdown with Keith Olbermann on April 15, 2009. Olbermann talks about U.S. PIRG's report "Tax Shell Game," available at http://www.uspirg.org/report

Report

Tax Shell Game: The Taxpayer Cost of Offshore Corporate Havens



 

SEARCH THIS SITE
Rhode Island Public Interest Research Group: 9 South Angell St., 2nd Flr. A, Providence, RI 02906