Tax

News Release | NJPIRG Citizen Lobby | Budget, Tax

Offshore Tax Havens Cost Average NJ Taxpayer $1,560 a Year, NJ Small Business $4,982

As hardworking Americans file their taxes today, it’s a good time to be reminded of how ordinary taxpayers pick up the tab for loopholes in our tax laws. NJPIRG was joined today by Congressman Frank Pallone, Jr. (NJ-6), Geetha Jayaraman, owner of Grab ‘Em Snacks and member of the Main Street Alliance, and Rutgers students to release a new study which revealed that the average New Jersey taxpayer in 2013 would have to shoulder an extra $1,560 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals. New Jerseyans’ extra tax burden is the eighth highest in the nation.

Report | NJPIRG Citizen Lobby | Budget, Tax

Picking Up the Tab

Every year, corporations and wealthy individuals 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 avoid paying for these benefits. Instead, ordinary taxpayers end up picking up the tab, either in the form of higher taxes, cuts to public spending priorities, or increases to the federal debt.

News Release | NJPIRG Law & Policy Center | Budget, Tax

NJ could save nearly $60 million with simple, proven method to curb offshore tax dodging, new study finds

New Jersey taxpayers could save $59.8 million from a simple reform to crack down on offshore tax dodging, according to a new report released today by the NJPIRG Law & Policy Center. 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.

Report | NJPIRG | 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.

Report | NJPIRG | Budget, Tax

Offshore Shell Games

Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens – countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated $90 billion in federal income taxes each year. These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity.

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. 

Report | NJPIRG | Budget, Tax

Picking Up the Tab 2013

Some U.S.-based multinational firms and individuals avoid paying U.S. taxes by using accounting tricks to shift profits made in America to offshore tax havens—countries with minimal or no taxes. They benefit from their access to America’s markets, workforce, infrastructure and security; but they pay little or nothing for it—violating the basic fairness of the tax system and forcing other taxpayers to pick up the tab.

News Release | NJPIRG | Budget, Tax

Offshore Tax Havens Cost Average NJ Taxpayer $1,260 a Year, NJ Small Business $3,941

With Tax Day approaching, it’s a good time to be reminded of where our tax dollars are going. NJPIRG and NJ Citizen Action were joined today by Senator Robert Menendez, Congressman Frank Pallone (NJ-6), Mayor Ed Johnson of Asbury Park, and Jerome Beckman, owner of Beckman’s Newsstands, to release a new NJPIRG study on offshore tax dodging. The report revealed that the average New Jersey taxpayer in 2012 would have to shoulder an extra $1,260 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.

News Release | NJPIRG Law & Policy Center | Budget, Tax

New Jersey Receives a "C" in Annual Report on Transparency of Government Spending

New Jersey received a “C” when it comes to government spending transparency, according to the fourth annual report of its kind by the NJPIRG Law & Policy Center.

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