Report: Foreign Tax Havens Put US Filers on Hook for $1,259 Each

Tuesday, 15 Apr 2014 11:49 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

U.S. taxpayers would need to pay an average of $1,259 more a year to make up the federal and state taxes lost to corporations and individuals sheltering money in overseas tax havens, according to a report.

“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,” U.S. Public Interest Research Group said in the report released today, the deadline for filing 2013 taxes.

“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,” it said.

In total, the U.S. loses $150 billion in federal revenue and another $34 billion in state revenue annually because of money parked in tax havens, the Boston-based consumer advocacy group concluded.

That’s almost 5 percent of total federal revenue. The U.S. is projected to raise $3.032 trillion this year, up from $2.775 trillion for fiscal year 2013, according to the Congressional Budget Office.

U.S. PIRG released the report as it tries to increase pressure on lawmakers to change how companies pay taxes on income credited to foreign subsidiaries.

The largest U.S.-based companies have accumulated $1.95 trillion outside the U.S., up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg News.

Together, they added $206 billion to their stockpiles of offshore profits last year, leaving earnings in low-tax countries until Congress gives them a reason not to. Three multinational firms -- Microsoft Corp., Apple Inc. and International Business Machines Corp. -- added $37.5 billion, or 18.2 percent of the total increase.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Fading Star? Even Wendy Davis' Hometown Paper Endorses Abbott

Monday, 20 Oct 2014 14:52 PM

Time is running out and support continues to wane for the Texas gubernatorial campaign of Democrat Wendy Davis, Politico . . .

Planet Marks Hottest September Since 1880

Monday, 20 Oct 2014 12:38 PM

Last month was the hottest September for globally averaged temperature over land and ocean surfaces since record-keeping . . .

Study: 2,000 Treated for Female Genital Mutilation in UK

Monday, 20 Oct 2014 14:35 PM

A shocking study in England has revealed that the British National Health Service has treated nearly 2,000 women in the  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved