NEW REPORT RELEASED TODAY: A report by the Institute for Policy Studies and Americans for Tax Fairness today illustrates in plain facts the simple truth that millions of working families pay more in taxes than some of the biggest and most profitable corporations in America pay. ExxonMobil, General Electric, FedEx, Honeywell, Verizon — all have paid little or no income taxes.READ THE REPORT:
See the 10 major companies dodging taxes and hurting the rest of us. http://bit.ly/11zWH3zHAPPENING TODAY / CTJ LAUNCHES BILLBOARD TRUCK – Tax Day Photo Op in Washington, DC. “Do you pay more Federal Income Taxes than Facebook, Southwest Airlines, GE, Pepco and other Giant Corporations? Yes You Do!” These words are splashed across a red, white and blue, ten by twenty foot rolling billboard that will be seen by thousands of tourists, food truck customers, pedestrians and commuters on Monday April 15th, 11 AM-7 PM courtesy of Citizens for Tax Justice (CTJ). Full schedule and details at http://ow.ly/k355L
HITTING TODAY / AFL LAUNCHES PAYWATCH: The AFL-CIO is launching its annual Paywatch report and website highlighting excessive CEO pay at S&P 500 companies. This year’s site will take a special look at CEOs from the corporate backed “Fix the Debt” group which has worked to protect tax loopholes for corporations and the richest 1 percent. Early reports show that CEOs who are working to cut Social Security, Medicare and Medicaid while protecting tax loopholes are receiving record high salaries and cushy retirement packages. www.PayWatch.org
TODAY ON THE HILL: U.S. Congressman Lloyd Doggett (D), a senior member of the House Ways and Means Committee, will release a new non-partisan General Accountability Office (GAO) report showing the marked growth of corporate tax expenditures.THREE NEW BILLS BEING FILED TODAY: Congressman Doggett will file a package of three pieces of legislation to reduce corporate tax loopholes.
—The Stop Tax Haven Abuse Act aims to close several different loopholes by deterring the use of tax havens for tax evasion and strengthening the enforcement of our tax laws.
—The International Tax Competitiveness Act addresses a large and growing area of tax abuse: the practice of developing a trademark, patent, or copyright in the U.S. and then transferring that intellectual property abroad to avoid taxes on the vast income it generates.
—The Fairness in International Taxation Act would end the current practice of treaty shopping to avoid U.S. taxes.
JUST THE FACTS: Citigroup
–Citigroup had $42.6 billion in foreign profits parked offshore in 2012 on which it paid no U.S. taxes. The company reported that it would owe $11.5 billion if it brings these funds back to the United States. A significant share of this money is being held in tax-haven countries that tax profits lightly, if at all.
–Last year Citigroup spent $6 million lobbying Congress; it succeeded in passing its top legislative priority – a tax loophole exempting some profits earned overseas from U.S. taxes that will cost taxpayers $11 billion over two years.
–U.S. taxpayers subsidize Citigroup’s malfeasance because the tax code allows the company to deduct from its taxes the costs of judgments it pays. Citigroup recently settled a $2.2 billion lending abuse case and a $158 million mortgage fraud case. READ MORE: http://bit.ly/11zWH3z
DAILY TRADING CARD HITS TO PRESSURE CORPS: A “Corporate Tax Dodger Trading Card” outlining why Citigroup, and other companies to be profiled till Tax Day, have been chosen as corporate tax dodgers is available at: AmericansForTaxFairness.org/
THE MOMENT IS HERE: NATIONAL TAX COALITION TO HOLD TAX DAY EVENTS TO PRESSURE LAWMAKERS
ARKANSAS: April 15 “Who Pays?” event – Capitol Rotunda, Little Rock, AR, 12 p.m.ARKANSAS: April 15 “Who Pays?” event – OMNI Center for Peace, 274 N. Lee Ave., Fayeteville, AR, 6 p.m.
ARKANSAS: April 15 “Who Pays?” event – ACO Office, 2001 S. Main Street, Little Rock, AR, 10 p.m.
ARKANSAS: April 15 “Who Pays?” event – Post Office at the Federal Building, E. 8th Street, Pine Bluff, AR, 12 p.m.
DELAWARE: April 15 “Who Pays?” event – Newark Post Office, 401 Ogletown Rd., Newark, DE, 5:30 p.m. http://bit.ly/11Hca1Q
IOWA: April 15 “Who Pays?” event – Waterloo Post Office, 300 Sycamore St., Waterloo, IA, 4:30 p.m.MAINE: April 15 “Who Pays?” event – Location Pending, Lewiston, ME, 3 p.m.
MASSACHUSETTS: April 15 “Who Pays?” event – 1500 Dorchester Ave., Dorchester, MA, 11 a.m.MASSACHUSETTS: April 15 “Who Pays?” event – Federal Building, 10 Causeway Street, Boston, MA, 11 a.m.
MICHIGAN: April 15 “Who Pays?” event – Post Office, Monroe Ave., Grand Rapids, 10 a.m.MICHIGAN: April 15 “Who Pays?” event – Post Office, Allegan St., Lansing, 2:15 p.m.
MICHIGAN: April 15 “Who Pays?” event – Post Office, 200 W. Second., Royal Oak 5 p.m.
MISSOURI: April 15 “Who Pays?” event – Columbia Post Office, 511 E Walnut, Columbia, MO
MONTANA: April 12 “Who Pays?” event – Location Pending, Missoula, MT
NEW YORK: April 14 Flip The Debt event – Goldman Sachs HQ, New York City, 3 p.m.
NEW YORK: April 15 “Who Pays?” event – Location Pending, Long Island.NEW YORK: April 15 “Who Pays?” event – Federal Building, 100 State Street, Rochester, NY, 12 p.m.
VIRGINIA: April 15 “Who Pays?” event – U.S. Forbes District Office, 505 Independence Pkwy, Chesapeake, VA, 1 p.m.NORTH CAROLINA: April 15 “Who Pays?” event – State Capitol Lawn, Raleigh, NC
FLORIDA: April 15 “Who Pays?” event – U.S. Post Office at 1201 Gandy Boulevard North, St. Petersburg, FL, 10 a.m.
WASHINGTON STATE: April 15 “Who Pays?” event – Sen. Hobbs District Office, Olympia, WA, 10 a.m.
WASHINGTON STATE: April 15 “Who Pays?” event – Sen. Hobbs District Office, Lake Stevens, WA, TBD
WASHINGTON STATE: April 15 “Who Pays?” event – U.S. Sen. Cantwell’s District Office, Seattle, WA, TBD
HAPPENING NOW NATIONWIDE: The Light Brigade will spotlight “Tax Evaders” all week via distributed illuminated actions leading up to Tax Day where they shine a light on corporate Tax Evaders – http://taxevaders.tumblr.com/
NEW VIDEOS RELEASED AHEAD OF TAX DAY: (h/t We’re Not Broke)
–Small Businesses Picking Up the Tab for Multinational Corporations? http://youtu.be/4AicxgXgmZc
–How Do Giant Corporations Get Away with “Legal” Tax Cheating? http://youtu.be/ubjGmCIbrjQ
–Who Pays for Corporate Tax Dodgers? YOU DO. http://youtu.be/XRNBNzJ42VM
–What do America’s Biggest Tax Cheating Corporations Want Now? http://youtu.be/_GizC6OnVpM
–How Do Billion-Dollar Corporations Cheat America Out of Tax Revenue? http://youtu.be/miO8cuIhYrs
–The Truth About Corporate Tax Rates http://youtu.be/YsWq2kaD-gs
RESOURCE FOR YOU (via CTJ): “Who Pays Taxes in America in 2013? Despite claims that the rich pay too much in taxes and that the poor pay little or nothing, the share of total federal, state and local taxes paid by Americans in each income group is very similar to the share of total income received by that group.” http://bit.ly/10n3goLREPORT ON TOP 10 COMPANIES SKIRTING TAXES: Citizens for Tax Justice reports on ten major, profitable corporations who are not sweating tax day, including nine that have no federal income tax liability for 2012. GE is the tenth, but its 8 percent rate in the one year, 2012, doesn’t let it off the hook for all the other years it led the tax avoiders pack. The corporations were chosen from diverse sectors to show there are few corners of the tax code that haven’t been molded by an industry’s lobby. LINK:http://bit.ly/16SP2gd
REPORT ON TAX HAVENS PROVES REAL IMPACT: Offshore Tax Havens Cost Average Taxpayer $1,026 a Year, Small Businesses $3,067, according to the Public Interest Research Group.
–“Tax dodging is not a victimless offense. When companies use accounting gimmicks to move their profits to tax haven shell companies, the rest of us have to pick up the tab,” said Dan Smith, Tax and Budget Advocate for U.S. PIRG and report co-author. “With the nation facing such serious budget challenges, it’s a no-brainer that we need to close these loopholes and stop letting large corporations avoid paying what they should.” http://bit.ly/17fz7f6
THE MEDIA INVESTIGATES: The Center for Public Integrity released a report, “Secrecy For Sale,” based on 2.5 million documents unearthed by the International Consortium of Investigative Journalists that show how these secret investment vehicles are exploited by the world’s rich and sneaky. http://bit.ly/XOxn9X
AMERICANS FOR TAX FAIRNESS COALITION ON OBAMA BUDGET: “We support President Obama’s proposal to raise substantial tax revenues from the wealthiest Americans, make significant improvements to tax credits benefitting students and low-income working families, and close some egregious corporate tax loopholes, including ones that encourage companies to shift U.S. profits and jobs overseas. But we are strongly opposed to the president’s plan to give the money saved from closing corporate tax loopholes right back to corporations by lowering their income tax rate. His plan does not ask America’s biggest companies to contribute a dime to reduce the deficit while it cuts health care and other critical services America’s families rely on. That’s unfair and misguided,” said Frank Clemente, campaign manager, Americans for Tax Fairness.
FACT COALITION REACTS TO OBAMA BUDGET: “Members of the Financial Accountability and Corporate Transparency (FACT) coalition – including small business, labor, faith and human rights groups – support closing offshore tax loopholes as a priority in any budget proposal. However, closing these loopholes in a way that would raise no new revenues, as the President proposes, reflects a step in the wrong direction. While the Administration has continued to propose closing offshore tax loopholes each year, the notion that the revenue raised should be fed back to the same large, multinational corporations flies in the face of the interests of voters, small businesses and common sense,” said Nicole Tichon, who directs the FACT coalition and Tax Justice Network USA.
MEDIA CONTACT: Trevor Thomas, Americans for Tax Fairness; 616-430-2030