Story URL: http://news.medill.northwestern.edu/chicago/news.aspx?id=215168
Story Retrieval Date: 8/23/2014 2:28:50 AM CST
The Illinois Public Interest Research Group (PIRG) released a report highlighting the hidden cost of offshore tax havens. With the United States losing approximately $39.8 billion in tax revenues for 2011, the average taxpayer paid $434 more this year to cover the revenue lost when companies move revenue offshore. Several Illinois companies listed in the report, including Boeing Co., Motorola Inc. and Caterpillar Inc., all use offshore tax havens. The state of Illinois ranks fourth in total annual income tax revenues lost to tax havens, losing more than $2.5 billion a year.