Tax

Report | NJPIRG Law & Policy Center | Budget, Tax

Following the Money 2013

This is the fourth annual report card ranking of state government online spending transparency.

News Release | NJPIRG | Budget, Tax

Senate Budget Debate Shows Bipartisan Support for Closing Offshore Tax Loopholes

A bipartisan group of senators agree that closing offshore tax loopholes, which allow large profitable companies to dodge billions in taxes, needs to be part of the budget. We applaud Sens. Levin (D-MI), McCain (R-AZ), and Whitehouse (D-RI) for proposing an amendment to the budget resolution that gives budget writers the authority to ‘end offshore tax abuses used by large corporations.’

Report | NJPIRG Law & Policy Center | Budget, Tax

The Hidden Cost of Offshore Tax Havens

Federal taxpayers are not the only victims of offshore tax havens. Tax havens deprive state governments of billions of dollars in badly needed revenues as well. Based how much income is federally reported in each state, and on state tax rates, it is possible to calculate how much each of the state governments lose as a result of offshore tax dodging.

News Release | NJPIRG Law & Policy Center | Budget, Tax

Offshore Tax Dodging Saps $2.8 Billion from New Jersey’s Budget

NJPIRG, New Jersey Citizen Action, and the New Jersey Main Street Alliance came together at a Jersey City small business on 2/6/2013 to discuss a new NJPIRG study revealing that New Jersey lost $2.8 billion in state revenue due to offshore tax dodging in 2012.

News Release | NJPIRG Law & Policy Center | Tax

Report Exposes How Taxpayers Bear Cost of Corporate Settlements

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

Report | NJPIRG Law & Policy Center | Budget, Tax

Subsidizing Bad Behavior

BP’s recent $4.5 billion legal settlement with the Justice Department for its misdeeds in the Gulf oil spill was historic for being the largest ever criminal settlement. But it was historic for another reason as well—none of it is allowed to be tax deductible. Unfortunately, too many settlements for wrongdoing end up as tax deductions.

Report | NJPIRG Law & Policy Center | Budget, Tax

What America Could Do with $150 Billion Lost to Offshore Tax Havens

Many corporations and wealthy individuals use offshore tax havens—countries with minimal or no taxes—to avoid paying $150 billion in U.S. taxes each year. To put this sum in perspective, this factsheet provides examples of how it could be used.

News Release | NJPIRG Law & Policy Center | Budget, Tax

“IT’S TIME TO LISTEN TO MAIN STREET, NOT WALL STREET”

TRENTON, December 6th – With Congress scrambling to agree on ways to reduce the deficit, NJPIRG and the NJ Main Street Alliance joined with New Jersey small business owners today, urging Congress and the President to listen to the needs of small businesses in ongoing debates over the fate of the Bush tax cuts and corporate tax loopholes. The groups were supported in their push for more equitable individual and corporate taxation by Congressman Frank Pallone, Jr. (NJ-06).

Media Hit | Tax

Opinion: BP Settlement on Gulf Oil Spill Flows From Its Own Deep Pockets

Unlike earlier BP settlements related to the 2010 Deepwater Horizon oil spill in the Gulf, the November 2012 settlement forces the company to take responsibility for its crimes that tragically cost 11 workers’ lives and led to an environmental catastrophe - and this time, American taxpayers won’t be asked to pick up much of the tab.

Media Hit | Tax

Trenton Times: Cut Pork From Federal Farm Bill

The Farm Bill sets our nation’s agricultural and food policy, including a raft of food-related programs such as food assistance and rural development programs. But it also authorizes a set of misguided agricultural subsidy programs that lavish billions of taxpayer dollars on large, profitable agribusinesses.

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