what offshore tax havens cost you...

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http://www.uspirg.org/news/usp/offshore-tax-havens-cost-average-taxpayer-1259-year-small-businesses-3923

April 15, Washington – As hardworking Americans file their taxes today, it’s a good time to be reminded that ordinary taxpayers pick up the tab for special interest loopholes in our tax laws. A new U.S. PIRG report released today revealed that the average American taxpayer in 2013 would have to shoulder an extra $1,259 in state and federal taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals.
“Average taxpayers and small business owners foot the bill for offshore tax dodging. Every dollar in taxes companies avoid by booking profits to shell companies in tax havens must be balanced by cuts to public programs, higher taxes for the rest of us, or more debt,” said Dan Smith, Tax and Budget Advocate for U.S. PIRG and report co-author.

Every year, corporations and wealthy individuals avoid paying an estimated $184 billion in state and federal income taxes by using complicated accounting tricks to shift their profits to offshore tax havens. Of that $184 billion, $110 billion is avoided specifically by corporations.

In early April, the Senate Finance Committee voted to renew two especially egregious offshore loopholes which will cost $8 billion in lost revenue over the next two years.

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