For Immediate Release: April 4, 2013
Richmond, Va. – Virginia Organizing, a state partner of Americans for Tax Fairness, released a new report today to help Virginians understand what tax havens really mean for Virginia’s economy.
The report is based on research by the Public Interest Research Group (PIRG) and revealed that $150 billion in taxes are lost through the use of tax havens by big corporations and wealthy individuals. If that burden shifted to all American taxpayers, each taxpayer would owe an additional $1,026. Large corporations account for $90 billion in lost revenue by the U.S. government due to tax havens.
“Virginia Organizing has known for a while that using tax havens and other loopholes was bad for our economy,” said Virginia Organizing Chairperson Sandra A. Cook.
“It’s still shocking to see how much these giant corporations and wealthy Americans taking advantage of tax havens are hurting our country. They do well selling products and services to Americans and they should have to abide by the same social contract and tax laws as the majority of our citizens and small businesses. Regular people don’t deserve to shoulder the responsibility of irresponsible corporations. What makes us think this is fair?” said Cook.
In Virginia alone, if small businesses were to cover the $90 billion in lost federal corporate income taxes due to tax havens, they would owe an additional $3,317.
Cook said, “Small businesses make our state better. They provide jobs, pay taxes, and participate in the community. Why should they bear the brunt of big corporations abusing the system?”
Click here for a copy of the report entitled, Picking up the Tab: Average Citizens and Small Businesses Pay the Price for Offshore Tax Havens. You can also click here to view the report and media release from U.S. PIRG.
To interview a Virginia Organizing spokesperson or to speak to an author of the study, please contact Amanda Pohl at 804-337-1912 or amanda@virginia-organizing.org.
Virginia Organizing is a non-partisan statewide grassroots organization that brings people together to create a more just Virginia.
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