News Releases

News Release | Illinois PIRG Education Fund | Tax

Study: 70% of Fortune 500 Companies Used Tax Havens in 2013

Tax loopholes encouraged more than 70 percent of Fortune 500 companies – including Abbot Labs and Caterpillar – to maintain subsidiaries in offshore tax havens as of 2013, according to the report “Offshore Shell Games,” released today by Illinois PIRG Education Fund and Citizens for Tax Justice. Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

News Release | Illinois PIRG | Democracy

Just Democracy Campaign Commends IL Legislature on Good First Step for Election Reform

The Just Democracy campaign congratulates the Illinois Legislature for passing HB105 last Friday evening. The legislation will make it easier for Illinoisans to vote by allowing eligible Illinoisans to register or update their voter registration and then vote on Election Day.

News Release | Illinois PIRG | Tax

Taxpayers Win, as Justice Department Blocks Credit Suisse Tax Write Off

On Tuesday, the Justice Department acted in the best interests of taxpayers by blocking Credit Suisse from writing off their $2.6 billion settlement for aiding tax evasion. The unpublicized stipulation will likely save taxpayers hundreds of millions of dollars by preventing the bank from treating the payment as an ordinary business cost on its taxes.

News Release | Illinois PIRG | Public Health, Democracy

Kraft Foods Faces Pressure to Keep Money Out of Politics

During its annual meeting of shareholders today, Kraft Foods Group, Inc. will face a resolution filed by the Green Century Equity Fund urging the company to refrain from using corporate funds to influence any political election campaign. Kraft Foods spent millions to oppose legislation for labeling food containing genetically modified organisms (GMOs) last year, which shareholders argue exposed the company to significant brand and reputational risks without generating value for shareholders.

News Release | Illinois PIRG Education Fund | Tax

Poll: Public Wants Federal Agencies to Disclose and Restrict Corporate Tax Write Offs for Out-of-Court Settlements

A new poll released today confirms what has long been apparent: The public overwhelmingly disapproves of corporations taking tax write offs for out-of-court settlements for wrongdoing, and has a strong preference for federal agencies to be both more transparent and more restrictive of tax deductions for future settlements. Substantial majorities across party lines would support reforms and greater transparency.

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