From Iowa Federation of Labor AFL-CIO –
Des Moines – As Iowa working families hold actions today to call on Wall Street and the wealthiest 2% to pay their fair share in taxes, a new report by U.S. PIRG, shows that Iowa loses $260 MIllion in individual and corporate income tax every year due to tax havens set up by corporations and the very wealthy.
Corporate tax loopholes deprive Iowans of millions of dollars that could be used to pay for vital services like education, public safety and healthcare. In 2011, states lost approximately $39.8 billion in tax revenues from corporations and wealthy individuals who kept money in offshore tax havens.
Working families are holding actions today in states across the country to demand elected leaders close tax loopholes for Wall Street and the richest 2% and cancel the across the board sequestration cuts instead of making more devastating benefit cuts to vital middle class programs like Social Security, Medicare and Medicaid. (Washing our hands of the Dirty Thirty, February 20 at 6:30 PM. 220E Retail Incubator – 220 E 4th St. Waterloo, IA. )
“Corporations and the very wealthy benefit from roads, bridges, infrastructure and a healthy, safe and educated workforce we all pay for,” said Ken Sagar, President of the Iowa Federation of Labor AFL-CIO, “Yet, they pay little to no taxes, shifting the costs of these public services onto the backs of working families like us who are already struggling to get by. Corporations’ profits continue rolling in while legislators continue to look for ways to cut necessary services. It’s time to close corporate tax loopholes and to make corporations and the richest 2% pay their fair share.”
More info: http://bit.ly/VHc4Hf
7 thoughts on “Report Shows Iowa Loses $260 million dollars of Tax Revenue Every Year Due to Offshore Tax Havens for Corporations and the Very Wealthy”
It would be a lot easier to start enforcing the collection and payment of sales tax by catalog and Internet sales. Corporations and rich people spend a lot of money that way and I’m sure there are a lot that don’t remit use tax. Do all of you keep track of your out-of-state purchases and remit the 6% tax on them with your income tax return every year? You are supposed to!
And unions are probably one of the main reasons corporations and rich people hide their wealth overseas. Unions seem to think what is yours is theirs. Another is to protect those assets from our government. I have seen its powers of garnishment at work. They walk in with an order and can drain every penny out of every bank account that has your name on it. I saw them do this to a businessman who thought he was STILL in the process of disputing a deduction with them. Nope. Over. You lose. You’re penniless.
Now Katie wants to tax the internet! Get you hands off my internets!
Internet sales, you maroon, not internet service. You’re supposed to be paying the tax on internet sales anyway. If you aren’t, you’re breaking the damned law, bricks for brains.
You’re “supposed” to be because you think so? Simply more BS. Stop trying to take everyones money and tell them how to behave. You’re no judge.
Katie is just showing her religious side again.
Well multiply that by 50 (states) then add 20 million illeagels and you should realize American private citizens are in deep chit.
Share of Individual Income Tax Liability in 2012
Lowest Quintile -1.0 %
Second Quintile 2.3 %
Middle Quintile 7.3 %
Fourth Quintile 16.3 %
Highest Quintile 75.2 %
_______________________
Top 10 percent 60.3 %
Top 5 percent 48.3 %
Top 1 percent 29.0 %
Who (really) isn’t paying their fair share of taxes?
Page 11 of http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/57xx/doc5746/08-13-effectivefedtaxrates.pdf