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Lax Taxes

Industry Has Massive Resource Advantage in Fight over Bills that Would Raise Revenue and Bring Fairness to Tax Code

June 6, 2012 — Legislation in Congress that would address tax loopholes, raise revenue, increase the fairness of the tax code and provide stability to the financial system are subject to lobbying efforts that are overwhelmingly lopsided in favor of industry interests, a new Public Citizen report shows. The report analyzes lobbying disclosure data to illustrate the number of lobbyists that are working on each of three bills: the Cut Unjustified Tax Loopholes Act (CUT Loopholes), the Stop Tax Haven Abuse Act and the Wall Street Trading and Speculators Tax Act – finding that 331 of the 383, or 86 percent, of lobbyists who have worked on these bills in the past two Congresses represent industry clients.

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