Tax

Report | WISPIRG | Tax

The Tax Haven Tradeoff

Wisconsin could recoup an estimated $28.8 million annually from offshore tax havens by passing a simple, proven reform already on the books in other states.  The so-called “water’s edge” loophole allows multinational companies to use foreign subsidiaries to make it appear as if income earned in the United States was instead earned in offshore tax havens like the Cayman Islands that charge no taxes and have traditionally failed to disclose information to U.S. tax authorities.  The companies who exploit this loophole dodge the taxes they owe; Wisconsin businesses and taxpayers foot the bill.  

News Release | WISPIRG | Tax

New Report: Offshore Tax Dodging Hurts Wisconsin Taxpayers, Businesses

A new report by WISPIRG estimates the fiscal impact of closing one loophole in the state tax code on Wisconsin taxpayers and the services they depend on, including education, public safety, and transportation. The report, The Tax Haven Tradeoff: How Offshore Tax Haven Abuse Hurts Wisconsin Taxpayers and Businesses, found that closing the “water’s edge” loophole would save Wisconsin taxpayers $28.8 million annually. 

News Release | WISPIRG | Tax

Offshore Tax Havens Cost Average Wisconsin Taxpayer $1054 a Year, Wisconsin Small Business $3966

A new study released by WISPIRG revealed that the average Wisconsin taxpayer in 2013 would have to shoulder an extra $1,054 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals. 

Report | WISPIRG | Tax

Closing the Billion Dollar Loophole

Every year, corporations use complicated gimmicks to shift U.S. earnings to subsidiaries in offshore tax havens – countries with minimal or no taxes – in order to reduce their state and federal income tax liability by billions of dollars. Tax haven abusers benefit from America’s markets, public infrastructure, educated workforce, security and rule of law – all supported in one way or another by tax dollars. But they use tax havens to escape supporting these public structures and benefits. Ultimately, ordinary taxpayers end up picking up the tab, either in the form of higher taxes or cuts to public spending priorities.

News Release | WISPIRG Foundation | Tax

Wisconsin could save $27.6 million with simple, proven method to curb offshore tax dodging, new study finds

Wisconsin taxpayers could save $27.6 million from a simple reform to crack down on offshore tax dodging, according to “Closing The Billion-Dollar Loophole: How States Are Reclaiming Revenue Lost to Offshore Tax Havens,” a new report released by WISPIRG. The reform, which has already been proven effective in Montana and passed in Oregon, would require companies to treat profits booked to notorious tax havens as domestic taxable income.  The Legislative Fiscal Bureau estimates that this simple reform would increase state corporate income and franchise tax revenues by $28.8 million.

Issue | Health Care

Fighting The High Cost Of Rx Drugs

Brand-name drug companies have been paying off generic drug makers to delay competition and keep prices high. This widespread pay-for-delay scheme needs to be put to an end. 

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 | WISPIRG | Tax

Offshore Tax Havens Cost Average Wisconsin Taxpayer $773 a Year, Wisconsin Small Businesses $2,746

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. Today WISPIRG released a new study which revealed that the average Wisconsin taxpayer in 2012 would have to shoulder an extra $773 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.  To make up the burden of revenue lost due to corporate tax haven abuse, Wisconsin small businesses would have to pay an extra $2,746 every year. Closing these loopholes is a common sense solution that every lawmaker should support.

Report | WISPIRG | Tax

Picking Up the Tab 2013

Many multinational corporations and wealthy Americans use accounting tricks and offshore tax havens to avoid paying taxes on profits and income that they earned in the U.S. Right now these practices are perfectly legal - and that's the problem. Revenues that are earned from sales and work here in the United States are hidden overseas and it costs the U.S. up to $150 billion in lost tax revenue every single year.  When that burden is redistributed to individual taxpayers, through either increased taxes, cuts to public services, or growing national debt, it costs every Wisconsinite $773 per year. If the costs of corporate tax haven abuse were shifted to small businesses, it would cost every Wisconsin small business $2,746 per year.

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