Tax

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.

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.

A bipartisan group of senators agree that closing offshore tax loopholes, which allow large profitable companies to dodge billions in taxes, needs to be part of the budget. We applaud Sens. Levin (D-MI), McCain (R-AZ), and Whitehouse (D-RI) for proposing an amendment to the budget resolution that gives budget writers the authority to ‘end offshore tax abuses used by large corporations.’

NJPIRG, New Jersey Citizen Action, and the New Jersey Main Street Alliance came together at a Jersey City small business on 2/6/2013 to discuss a new NJPIRG study revealing that New Jersey lost $2.8 billion in state revenue due to offshore tax dodging in 2012.

A report released today spotlights a common practice where corporations that commit wrongdoing and agree to financial settlements with the federal government, go on to claim such settlement payments as tax-deductible business expenses.