BSP In the News
- The Hill: Frank Knapp, Small business opposes multinational corporations' tax avoidance
- Minimum Wage News at our BUSINESS FOR A FAIR MINIMUM WAGE website
- The Hill: Report: Taxpayers shoulder burden for offshore tax haven use
- Paramus Post (NJ): Offshore Tax Havens Cost Average Taxpayer $1,026 a Year, Small Businesses $3,067
- U.S. PIRG, Sen. Levin, Small Business Leaders Release "Picking up the Tab 2013: Average Citizens and Small Business Owners Pay the Price for Offshore Tax Havens"
- American Forum: Scott Klinger, Half Time at the Federal Budget Super Bowl
- Philadelphia Daily News: Talking Small Biz
- Triple Pundit: Don’t Blame Google and Starbucks For Minimizing Tax Bills
- Roll Call: Time for Plan C - Close the Floodgates on Corporate Tax Dodging
- CFO: Small Biz, the Fiscal Cliff, and the Big, Bad Bank
- Westerly Sun: Business leaders urge change in tax system
- McClatchy Tribune News Service: A plea for tax fairness from small businesses
- UPI: 'Fiscal cliff': Is there a Plan C to avoid tax increases, spending cuts?
- Madison Capital Times: Wisconsin business owners join national call to raise corporate taxes
- Charlotte Observer: Charlotte small business owners urge tax reform
- Politico: 'Revenue-neutral' tax reform takes hit
- National Journal: Sen. Levin, Small Businesses Push for Corporate Tax Hikes
- Washington Post: Sen. Levin wants corporate tax revenue in a fiscal cliff deal
- The Hill: Corporate revenues must be in debt deal
- Accounting Today: Small Business Leaders Urge Closing of Corporate Tax Haven Loopholes
The Hill: Report: Taxpayers shoulder burden for offshore tax haven use
By Bernie Becker
The Hill, April 4, 2013
... U.S. PIRG’s report found that the Treasury collects around $150 billion less a year than it could because of tax havens – with around $90 billion of that potential revenue coming from multinational corporations. Individual taxpayers account for the other roughly $60 billion. To make up for that $150 billion in revenue, PIRG found that the average U.S. taxpayer would need to cough up an extra $1,026. The average small business, meanwhile, would need to pay an additional $3,067 to make up for the $90 billion that corporations could be paying.
Sen. Carl Levin (D-Mich.), a longtime critic of offshore tax strategies, told a Thursday conference call that the current debate over how to reduce deficits amplified the need to take action against the use of tax havens. Levin, the chairman of a permanent Senate subcommittee on investigations, released a report last year that found that Microsoft and HP both used offshore strategies that allowed them to avoid billions of dollars in taxes. ...
The PIRG report stresses that the offshore tax strategies are often perfectly legal, especially when it comes to corporations. Under current law, multinationals owe taxes on profits made anywhere in the world, but don’t have to pay until profits are brought to the U.S. and get credits for taxes paid to foreign governments. Because of that, many Republicans and business groups want to permanently shield profits U.S. companies make abroad by shifting to a so-called territorial system. ...
But on Thursday’s conference call, Dan Smith of PIRG and Scott Klinger of Business for Shared Prosperity both said that a territorial system would simply give companies more incentive to shift profits offshore. Levin’s report last year, for instance, found that Microsoft transferred intellectual property rights offshore, saving $4.5 billion in the process. ...
Copyright 2013 The Hill