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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums82 of Top 100 Companies Used Tax Havens in 2012
http://www.uspirg.org/news/usp/new-study-82-top-100-companies-used-tax-havens-2012Washington, July 31 With Congress considering big cuts to public programs, U.S. PIRG released fresh evidence that the vast majority of large companies are dodging taxes by stashing money in offshore tax havens. In a study of the top 100 publicly traded companies, as measured by revenue, the study reveals that 82 maintain subsidiaries in offshore tax havens. Collectively, the companies report holding nearly $1.2 trillion offshore, with 15 companies accounting for two-thirds of the offshore cash.
Download the report, Offshore Shell Games, here.
"When corporations use tax havens to dodge the taxes they owe, the rest of us pay the price, either through higher taxes, cuts to important programs, or a bigger deficit," said Dan Smith, U.S. PIRG Tax and Budget Advocate and report author. "It also puts small businesses without expensive tax attorneys at a big competitive disadvantage. It's time for Congress to put an end to offshore tax dodging," he added.
Every year, U.S. corporations avoid paying an estimated $90 billion in federal taxes by stashing profits in offshore tax havens. U.S. PIRG's new study shows that while most large companies use tax havens, the benefits of offshore tax loopholes are especially concentrated among a narrow set of companies.
Download the report, Offshore Shell Games, here.
"When corporations use tax havens to dodge the taxes they owe, the rest of us pay the price, either through higher taxes, cuts to important programs, or a bigger deficit," said Dan Smith, U.S. PIRG Tax and Budget Advocate and report author. "It also puts small businesses without expensive tax attorneys at a big competitive disadvantage. It's time for Congress to put an end to offshore tax dodging," he added.
Every year, U.S. corporations avoid paying an estimated $90 billion in federal taxes by stashing profits in offshore tax havens. U.S. PIRG's new study shows that while most large companies use tax havens, the benefits of offshore tax loopholes are especially concentrated among a narrow set of companies.
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82 of Top 100 Companies Used Tax Havens in 2012 (Original Post)
zeos3
Aug 2013
OP
Octafish
(55,745 posts)1. Let's tax offshore wealth.
http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html
And if the rich and their corporations complain, lock 'em up and nationalize their assets.
And if the rich and their corporations complain, lock 'em up and nationalize their assets.
zeos3
(1,078 posts)3. I argue this point with friends...
who own small businesses all the time. They like to take the side of the multinational corporations against paying taxes because the rates are too high, blah blah. They don't realize they get screwed along with the rest of us because of the offshoring.
"It also puts small businesses without expensive tax attorneys at a big competitive disadvantage."