Tax

With Tax Day approaching, CoPIRG was joined today by Zach Hepner, owner of Velosoul Bikes and Marlene Nuechterlien owner of Caboodle Gifts to release a new study which revealed that the average Colorado taxpayer in 2012 would have to shoulder an extra $1,183 in taxes to make up for the revenue lost due to the use of offshore tax havens by corporations and wealthy individuals and the average small business would need to shoulder $2,957.

The CoPIRG Foundation released its 4th annual study, titled "Following the Money 2013: How the 50 States Rate in Providing Online Access to Government Spending Data." The report examines how transparent Colorado makes its spending compared to the other 49 states.

The CUT Loopholes Act would close a myriad of the most egregious offshore tax loopholes. This legislation is based on the premise that if a U.S. company earns profits here in the U.S., with the benefit of America’s educated workforce, infrastructure, and large consumer base, it should pay taxes in America, like small businesses and everyday taxpayers.

Tonight, President Obama rightly called on Congress to close tax loopholes that allow wealthy special interests to shirk their tax burden at the expense of the public. The first loopholes to go should be those that allow corporations and wealthy individuals to use accounting gimmicks to stash their income in offshore tax havens.

With Colorado’s state budget stretched thin, CoPIRG released a new study revealing that Colorado lost $504 million due to offshore tax dodging in 2012.