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U.S. PIRG: Offshore Tax Dodging Costing Maine Millions
02/05/2013 03:55 PM ET  

The report found that the bulk of offshore tax dodging in Maine is by individuals, rather than corporations.

Last year, Maine lost $58 million in potential tax revenues to offshore tax dodging, according to a report released today by The U.S. Public Interest Research Group, or PIRG.

The report found that the bulk of offshore tax dodging in Maine is by individuals, rather than corporations. Dan Smith of U.S. PIRG says the tax losses translate into cuts to public programs, more debt and higher taxes on others.

"And since offshore tax dodgers avoid both state and federal taxes, they hurt everyday taxpayers twice," Smith said during a teleconference.

The report estimates that, nationally, $40 billion was lost last year from offshore tax loophole abuse.

This story was reported by Patty Wight.

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