MADISON, Wis. (WSAU) - A Madison think tank is calling on the federal government to more completely cut off corporate tax loopholes.
The Wisconsin Public Interest Research Group released a report this week saying that those loopholes are costing Americans $150 billion a year in tax revenue as companies shuffle money around. Program associate Joe Rasmussen says This can actually make some companies money. "They're collecting tax breaks and tax credits but not paying any taxes."
The US Government Accountability Office says at least 83 of the top 100 publicly traded corporations in the U.S. make use of tax havens. Rasmussen says that money could be better spent in keeping America from going over the fiscal cliff. “When corporations skip out on their taxes, the rest of us are left to pick up their tab. This kind of tax dodging is perfectly legal, but it’s not fair and it’s time to put an end to it.”
Rasmussen says that claiming that $150 billion a year would also secure 37.5% of the $4 trillion debt reduction goal for over ten years favored by bipartisan leaders in Congress.