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Report Shows Iowa Loses $260 million dollars of Tax Revenue Every Year Due to Offshore Tax Havens for Corporations and the Very Wealthy

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.”

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