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Media Hit | Tax

These eight Massachusetts companies have used offshore tax havens

 Tax havens are legal, but proponents of tax reform say eight companies headquartered in Massachusetts are using them and costing the state millions of dollars in revenue.

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News Release | MASSPIRG Education Fund | Tax

Study: 72% of Fortune 500 Companies Used Tax Havens in 2014

 

Tax loopholes encouraged more than 72 percent of Fortune 500 companies – including 8 companies head quartered in Massachusetts – to maintain subsidiaries in offshore tax havens as of 2014, according to “Offshore Shell Games,” released today by MASSPIRG 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 65 percent of the total, or $1.35 trillion.

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Report | MASSPIRG Education Fund | Tax

Biggest Tax Dodgers

 U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their full share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in offshore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox. Multinational corporations’ use of tax havens allows them to avoid an estimated $90 billion in federal income taxes each year.

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Report | MASSPIRG Education Fund | Tax

Offshore Shell Games 2015

U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their full share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in offshore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox. Multinational corporations’ use of tax havens allows them to avoid an estimated $90 billion in federal income taxes each year.

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News Release | MASSPIRG | Tax

Deepwater Horizon Settlement Comes with $5.35 Billion Tax Windfall

Today’s announcement by the U.S. Department of Justice of a proposed $20.8 billion out-of-court settlement with BP to resolve charges related to the Gulf Oil spill allows the corporation to write off $15.3 billion of the total payment as an ordinary cost of doing business tax deduction. The majority of the settlement is comprised of tax deductible natural resource damages payments, restoration, and reimbursement to government, with just $5.5 billion explicitly labeled a non-tax-deductible Clean Water Act penalty. This proposed settlement would allow BP to claim $5.35 billion as a tax windfall, significantly decreasing the public value of the agreement, and nearly offsetting the cost of the non-deductible penalty.

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Media Hit | Solid Waste

Environmentalists, businesses clash over bottle bill

BOSTON (WWLP) - 95 state lawmakers have signed onto an expanded bottle bill that proposes to extend the state’s 5-cent refundable deposit on soda cans to water bottles, sports drinks, and juice containers.

“We know that if we put the nickel deposit on those containers it will be a very effective tool at recycling them,” said MassPIRG Executive Director Janet Domenitz.

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Media Hit | Solid Waste

WITH BALLOT QUESTION IN THE WORKS, LAWMAKERS HEAR BOTTLE BILL DEBATE

Proposals to expand the bottle deposit were before lawmakers on the Telecommunications, Utilities and Energy Committee for a legislative hearing. Frustrated with lawmakers, the bill’s supporters are also angling to put the proposal on the 2014 ballot.

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News Release | MASSPIRG | Solid Waste

Broad Coalition Calls For Passage of the Updated Bottle Bill

MASSPIRG testifies before the State House Joint Committee on Telecom, Utilities and Energy and urges them to pass the Updated Bottle Bill.

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News Release | MASSPIRG Education Fund | Consumer Protection, Financial Reform

New Report Identifies Banks Consumers Complain About

New report highlights banks that generated the most complaints through their various banking services in each state. Thousands of Americans are using the Consumer Financial Protection Bureau’s (CFPB) public Consumer Complaints Database to settle disputes with their banks, according to a new report from the MASSPIRG Education Fund.

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Bank provides college ID that doubles as ATM card

Colleges adopt new trend in banking, letting banks run student ID service. MASSPIRG urges caution.  

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