Tax

News Release | Arizona PIRG Education Fund | Tax

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

Taxpayers will shoulder anywhere from $4 to $5.8 billion of today’s $16.65 billion Bank of America settlement with the U.S. Justice Department. The settlement, which releases the bank from charges of alleged illegal activity related to mortgage activities, specifically refuses to stop Bank of America from writing the settlement off as a tax break — which means much of the settlement cost will ultimately be shouldered by U.S. taxpayers.

News Release | Arizona PIRG Education Fund | Tax

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

Tax loopholes encouraged more than 70 percent of Fortune 500 companies – including Avnet and Insight Enterprises in Arizona  – to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by the Arizona PIRG Education Fund and Citizens For Tax Justice. 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 | Arizona PIRG Education Fund | Tax

Offshore Shell Games 2014

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.

News Release | Arizona PIRG Education Fund | Tax

Poll: Public Wants Federal Agencies to Disclose and Restrict Corporate Tax Write Offs for Out-of-Court Settlements

In recent years, public outrage has built as federal agencies have allowed out-of-court settlements for corporate wrongdoing — like BP’s gulf oil spill and JPMorgan’s toxic mortgages — to be written off for multibillion-dollar tax breaks. A new poll confirms what has long been apparent: The public overwhelmingly disapproves of these write offs, and has a strong preference for federal agencies to be both more transparent and more restrictive of tax deductions for future settlements.

Report | Arizona PIRG Education Fund | Tax

Following the Money 2014

This report, Arizona PIRG Education Fund’s fifth annual evaluation of state transparency websites, finds that states are making progress toward comprehensive, one-stop, one-click transparency and accountability for state government spending. But many states, including Arizona, have a long way to go to provide taxpayers with the information they need to ensure that government is spending their money effectively.

News Release | Arizona PIRG Education Fund | Tax

New Report: Arizona Receives a ‘B’ in Annual Report on Government Spending Transparency

According to a new report, Arizona performs well when it comes to government spending transparency, but has room for improvement. Arizona received a ‘B’ in the fifth annual Arizona PIRG Education Fund spending transparency report, Following the Money 2014: How the States Rank on Providing Online Access to Government Spending Data.

A New Direction In Driving Trends

After a 60 year boom, driving is on the decline in the U.S. and no likely scenario shows it returning to previous levels of growth. 

News Release | Arizona PIRG Education Fund | Tax

Offshore Tax Dodging Blows a $503M Hole in Arizona’s Budget

As Arizona lawmakers are soon to begin discussing the state budget for the next fiscal year, the Arizona PIRG Education Fund released a new study, The Hidden Cost of Offshore Tax Havens: State Budgets under Pressure from Tax Loophole Abuse, revealing that the State of Arizona lost $503 million due to offshore tax dodging in 2012.

Report | Arizona PIRG Education Fund | Tax

The Hidden Cost of Offshore Tax Havens

When U.S. corporations and wealthy individuals use offshore tax havens to avoid paying taxes to the federal government, it is an abuse of our tax system. Tax haven abusers benefit from our markets, infrastructure, educated workforce, and security, but they pay next to nothing for these benefits. Ultimately, taxpayers must pick up the tab, either in the form of higher taxes, cuts to public spending priorities, or increased national debt.

News Release | Arizona PIRG Education Fund | Tax

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

A new report spotlights a common practice where corporations that commit wrongdoing and agree to financial settlements with the federal government can claim such settlement payments as tax-deductible business expenses.

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