$5,675

November 30, 2016 | Number of The Day
Amount the use of corporate tax havens could cost each New Jersey small business

Small business takes the brunt of the $147 billion that large U.S. corporations gain by dodging taxes in various overseas tax havens, according to a new report issued by the U.S. PIRG Education Fund. This common scheme puts smaller businesses at a competitive disadvantage, since the extra costs prevent them from investing in their product. The costs can be significant; in New Jersey, each small business would have to pay $5,675 to make up the difference if it were the only entity to make it up.