Tax

New Jersey received a “C” when it comes to government spending transparency, according to the fourth annual report of its kind by the NJPIRG Law & Policy Center.

A bipartisan group of senators agree that closing offshore tax loopholes, which allow large profitable companies to dodge billions in taxes, needs to be part of the budget. We applaud Sens. Levin (D-MI), McCain (R-AZ), and Whitehouse (D-RI) for proposing an amendment to the budget resolution that gives budget writers the authority to ‘end offshore tax abuses used by large corporations.’

NJPIRG, New Jersey Citizen Action, and the New Jersey Main Street Alliance came together at a Jersey City small business on 2/6/2013 to discuss a new NJPIRG study revealing that New Jersey lost $2.8 billion in state revenue due to offshore tax dodging in 2012.

A report released today spotlights a common practice where corporations that commit wrongdoing and agree to financial settlements with the federal government, go on to claim such settlement payments as tax-deductible business expenses.

TRENTON, December 6th – With Congress scrambling to agree on ways to reduce the deficit, NJPIRG and the NJ Main Street Alliance joined with New Jersey small business owners today, urging Congress and the President to listen to the needs of small businesses in ongoing debates over the fate of the Bush tax cuts and corporate tax loopholes. The groups were supported in their push for more equitable individual and corporate taxation by Congressman Frank Pallone, Jr. (NJ-06).