Tax Haven Abuse by Corporations Shortchanges U.S. Treasury to Tune of $2,116 for Every Small Business in America
On April 12, the Main Street Alliance joined U.S. PIRG, Congressman Chris Van Hollen, Business for Shared Prosperity and the American Sustainable Business Council at a Capitol Hill press conference releasing U.S. PIRG’s new report “Picking Up the Tab: Average Citizens and Small Businesses Pay the Price for Offshore Tax Havens.”
According to the report, tax haven abuse by U.S. corporations shortchanges the U.S. Treasury of revenues by an average of $2,116 for every small business in America (using Census numbers for businesses with fewer than 100 employees).
“When big corporations use loopholes and tax havens to avoid paying taxes, they’re robbing our country of the revenues we need to invest in our future and support small businesses,” said Aimee McQuilkin, owner of Betty’s Divine, an independent clothing boutique in Missoula, Montana and a leader with the Montana Small Business Alliance and Main Street Alliance. “If you want to fly the American flag outside your corporate headquarters, you should pay your way.”