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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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News Release | MASSPIRG | Consumer Protection

STATEMENT ON EXPERIAN BREACH OF T-MOBILE CUSTOMER DATA

Massive data breach affecting Experian’s computers holding 15 million files of T-Mobile customers. T-Mobile and Experian response inadequate. 

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News Release | MASSPIRG | Solid Waste

MASSPIRG, Coalition File to Put Updated Bottle Bill on Ballot

Today we are filing today a ballot initiative known as the Updated Bottle Bill. This proposed law would add water, juice, sports drinks and other beverages to the existing 5-cent deposit law. When this measure becomes law, there will be less litter, more recycling, and millions of taxpayer dollars saved in the reduced cost of waste disposal in our cities and towns.

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Congress sends students deeper into debt

New student loan law bad deal for students and their families.

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News Release | MASSPIRG | Consumer Protection, Financial Reform

SENATE CONFIRMS CFPB DIRECTOR CORDRAY

Statement of Deirdre Cummings, Legislative Director for MASSPIRG, on the Senate Confirmation of Richard Cordray to Full Term as Consumer Financial Protection Bureau (CFPB) Director. Senators Warren and Markey vote for consumers.

 

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News Release | MASSPIRG | Food

One Billion Tax Dollars per Year Subsidize Junk Food Ingredients, Fuel Obesity Epidemic

Federal subsidies for commodity crops are subsidizing junk food additives like high-fructose corn syrup, at a rate that would buy 20 Twinkies for each taxpayer every year, according to MASSPIRG’s new report, “Apples to Twinkies 2013.” Meanwhile, limited subsidies for fresh fruits and vegetables would buy one half of an apple per taxpayer.

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News Release | MASSPIRG and Community Catalyst | Public Health, Consumer Protection, Health Care

Twenty Top Generic Drugs Delayed by Industry Payoffs

Bay Staters with cancer, heart disease, epilepsy and other conditions have been forced to pay an average of 10 times more than necessary for at least 20 blockbuster drugs, according to a report released today by MASSPIRG and Community Catalyst.

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DEFEND THE CFPB

Tell your representative to oppose the “Financial CHOICE Act,” which would gut Wall Street reforms and destroy the Consumer Financial Protection Bureau as we know it.

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