By Jonathan Riley
BOSTON — As the state’s citizens rushed to file their taxes on Tuesday, advocates of a state budget amendment that would close offshore tax havens released a new report estimating what such loopholes cost regular taxpayers.
“Many Americans would be shocked to hear that there’s an invisible tax burden that’s been placed on them this year by some of the world’s largest, most profitable corporations,” Deirdre Cummings, legislative director of the Massachusetts Public Interest Research Group, told a gathering at the Statehouse steps.
Cummings was joined by Nathan Proctor, state director of Massachusetts Fair Share, and Rep. Josh Cutler, the Duxbury Democrat who filed an amendment to the House budget proposal that would require companies to treat profits made in the state and funneled to tax havens such as the Cayman Islands as domestic taxable income.
The event, held to lend support to Cutler’s bill, also saw the release of a MASSPIRG report, titled “Picking Up The Tab 2014.”
The report said that in 2013, the cost to the average commonwealth taxpayer to “pick up the tab” for companies sheltering money offshore would be the equivalent of $1,886 for individual taxpayers and $6,269 for small businesses.
“Eighty-two of the 100 largest publicly traded corporations have subsidiaries in offshore tax havens. Some of the worst offenders include very profitable Wall Street banks, high tech giants, and the pharmaceutical companies,” Cummings said.
Proctor said Cutler’s amendment to close the corporate tax loophole identified by MASSPIRG in January would generate $79 million annually.
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Report: Tax havens cost Mass. residents