PIRG: Average Folks Paying The Price For Offshore Tax Havens

By Lily Benitez De Luna

As millions of Americans prepare for Tax Day, PIRG (Public Interest Research Group) released a new report today revealing that the average American would have to pay $426 and small businesses would pay about $2,116 to make up for lost revenues due to funds being transferred to offshore tax havens.

“When corporations shirk their tax burden by shifting profits… the rest of us must pick up the tab through either cuts to public spending priorities, higher taxes, or more debt,” Tax and Budget Associate for PIRG Dan Smith said.

According to PIRG, various companies and wealthy people evade paying about $100 billion in taxes by transferring funds to offshore tax havens. $60 billion of the $100 billion are specifically from corporations.

The report suggests the closing of several offshore tax havens, many of which are already included in the Stop Tax Haven Abuse Act (H.R. 2669) which Rep. Chris Van Hollen (D-Md.), ranking member of the Budget Committee, has co-sponsored. The bill serves to prevent tax evasion from the biggest and wealthiest corporations and people in the U.S.

“The simple fact of the matter is this: tax breaks for Big Oil, corporate jets, and companies that send jobs overseas have the practical effect of raising taxes on everyone else. That’s not right,” Van Hollen said.

Tags: , , ,

About TRNS Washington Desk

View all posts by TRNS Washington Desk
TRNS Washington Desk
News updates from on and around Capitol Hill.

No comments yet.

Leave a Reply

Photos: Obama Honors Service Members At Arlington Cemetery

President Obama traveled to Arlington National Cemetery Monday to marks the first Memorial Day during his presidency where the U.S. “is not engaged in a major ground war.”

Obama Marks Special Significance Of Memorial Day

“It’s the first since our war in Afghanistan came to an end,” Obama said, noting that in more than a decade the U.S. “is not engaged in a major ground war.”

Senate Passes Fast-track Authority, Moves To Resistant House

The bill moves on to the lower chamber where it faces an inevitable battle from House Democrats.

Senate Rejects Currency Provision

Senate Republicans (Photo by James Cullum)

The failed provision is a win for President Obama who issued a veto threat over the entire fast-track bill if the amendment passed

UN: Women Disproportionately Affected by Nepal Earthquake

The flag of the Nepal at the United Nations. Photo: Luke Vargas/TRNS

Gender discrimination, a lack of maternal health facilities and poor security in temporary camps is making post-earthquake life difficult for Nepali women.

Obama Signs Law Granting Congressional Review Of Iran Deal

Capitol

Congress will now be able to reject or approve a nuclear deal reached with Iran which is expected to be announced June 30