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General Electric
Quick Hit
by Ellyn Fortino
5:53pm
Wed Apr 29

The High Cost Of Offshore Tax Havens On Small Illinois Businesses

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.

Quick Hit
by Ellyn Fortino
4:25pm
Thu Aug 22, 2013

Chicagoans 'Out' General Electric For Dodging Taxes, Demand Sen. Durbin Close Loopholes (VIDEO)

Chicagoans from across the city rallied downtown Thursday afternoon to “out” General Electric as a corporate tax dodger and to call upon U.S. Sen. Dick Durbin (D-IL) to take charge and make corporations pay their fair share.

Chicago is one of 10 cities taking part in the National People's Action campaign this week meant to shine a light on various corporate tax dodgers across the county. According to the protestors, GE received $8.4 billion in federal tax breaks between 2008 and 2010.

“Everyday people are suffering while corporate taxes are at historic lows, even though corporate profits are at an all time high,” said Toby Chow, a leader with IIRON.