Congresswoman Moore Statement on Offshore Tax Havens
Media Contacts
WISPIRG
Contact:
Nicole Y. Williams or Staci Cox, (202) 225- 4572
Congresswoman Moore Statement on Offshore Tax Havens
Milwaukee, WI – Today, Congresswoman Gwen Moore (WI-4) released the following statement criticizing companies that avoid their tax obligations by shifting money to offshore accounts.
“Tax day is fast approaching, and once again the wealthiest among us are skirting their tax responsibilities. Earlier today, the Wisconsin Public Interest Research Group (WISPIRG) released a new study that found the average Wisconsin taxpayer in 2011 would have to shoulder an extra $372 tax burden to make up for revenue lost from corporations and wealthy individuals shifting income to offshore tax havens. The report additionally found that the average additional tax burden shouldered by Wisconsin small businesses added up to $2,165 due to the “offshoring” of profits by large corporations.
“Every year, corporations and wealthy individuals avoid paying an estimated $100 billion in taxes by shifting income to low or no tax offshore tax havens. Of that $100 billion, $60 billion in taxes are avoided specifically by corporations. A GAO study found that at least 83 of the top 100 publicly traded corporations use offshore tax havens.
“While corporations are saving billions of dollars in taxes, average Americans and small businesses are forced to pay the difference. Once again, the rich are getting richer on the backs of everyone else.
“Last year, I cosponsored the Stop Tax Haven Abuse Act, H.R. 2669. This Act would take measures to thwart offshore tax havens and abusive tax shelters that avoid Federal taxation. It is my hope that this legislation helps billion dollar corporations pay their fair share.
“I applaud WISPIRG for their research on the negative effect of offshore tax havens. It is not and should never be our responsibility to pay the taxes of the wealthy.”
WISPIRG, the Wisconsin Public Interest Research Group, is a non-profit, non-partisan public interest advocacy organization that takes on powerful interests on behalf of its members, working to win concrete results for our health and well-being. To view their report online visit http://www.wispirg.org/reports/wip/picking-tab.
###
