Each U.S. taxpayer would have to pay $1,259 on average to recoup revenue lost to corporations and individuals who use offshore tax havens.
“The United States loses approximately $184 billion in federal and state revenue each year due to corporations and individuals using tax havens to dodge taxes,” the U.S. Public Interest Research Group, a consumer advocacy group, said in a report yesterday that coincided with the deadline for filing taxes for 2013.
The use of overseas tax havens deprives the federal government of about $150 billion and state governments of about $34 billion, the report said.
“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,” Bloomberg’s Derek Wallbank reported yesterday for this story about the U.S. PIRG report.
“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,” Wallbank wrote.
Congress hasn’t acted on overhauling corporate tax laws “because of disagreements over whether to be tougher on U.S. companies operating abroad amid broader disputes over government spending and taxation,” Bloomberg’s Richard Rubin reported last month in this story about the biggest U.S.-based companies adding to their stockpiles of offshore profits last year.