As we dig out from 2 feet of snow left in Blizzard Nemo’s wake, many people are dreaming of vacations somewhere warm and sunny. But for many wealthy individuals and giant corporations, their bank accounts are on a permanent holiday — and it’s costing the rest of us billions.
A new study from MassPIRG reveals Massachusetts lost $1.6 billion last year as a result of offshore tax dodging. So while lawmakers on Beacon Hill struggle to find new revenue and to plug budget holes, corporations like Wells Fargo, Exxon Mobil, and Intel are using offshore tax havens to avoid paying their fair share like the rest of us do.
So what would $1.6 billion in revenue mean for Massachusetts? To put it in perspective, Governor Deval Patrick recently released a budget that makes long-overdue investments in education, transportation and community services. The total amount needed for these vital investments? $1.9 billion.
And Massachusetts isn’t the only state to lose out on revenue as a result of corporate offshore tax havens. According to the report, states lost a combined $39.8 billion in 2011 — enough to cover a full year of public education for more than 3.7 million children.
It’s time to take a stand and call out corporate tax dodgers. Sign up to take action here.
Photo credit: Flickr users sektordua and amagill.