State budgets across the country collectively lost an estimated $40 billion in tax revenue due to corporations and individuals shifting their profits and income to offshore tax havens, according to a new report.

The report, from the U.S. Public Interest Research Group, estimated that states lost $28 billion from the corporate abuse of tax havens and $12 billion from individuals, at a time when many states have been forced to cut their budgets drastically due to shrinking revenue after the financial crisis.

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