- Apr 10, 2013
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Offshore Tax Havens Cost Average Taxpayer $1,259 a Year, Small Businesses $3,923
April 15, Washington As hardworking Americans file their taxes today, its 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.
Offshore Tax Havens Cost Average Taxpayer $1,259 a Year, Small Businesses $3,923 | U.S. PIRG