If Illinois small business owners were to collectively offset state and federal revenues lost annually due to corporations using offshore tax havens, they would each have to pay $4,570 in additional taxes a year.
That what-if scenario is laid out in a recent report from the Illinois Public Interest Research Group (PIRG) examining the issue of "corporate tax haven abuse" and what it means for small businesses.
Through the use of accounting "gimmicks" to shift profits offshore, corporations avoid paying $110 billion annually in federal and state income taxes combined, according to Illinois PIRG's "Picking up the Tab" report. Specifically, about $90 billion in federal and $20 billion in state corporate income tax revenue is lost each year to tax havens, the research reveals.
The rules imposed on mortgage lenders as a result of the national foreclsoure settlement have been revised following ongoing criticism of the way in which the servicers were handling borrowers.
Moody's credit rating agency downgraded the credit of fifteen of the
country's biggest banks Thursday, including Bank of America, Citigroup,
Goldman Sachs, and JP Morgan Chase.
If Illinois small business owners were to collectively offset state and federal revenues lost annually due to corporations using offshore tax havens, they would each have to pay $4,570 in additional taxes a year.