Companies that use offshore tax havens are big Capito donors

I guess this should come as no surprise.

The Charleston Gazette
Monday, June 16, 2014
Companies that use offshore tax havens are big Capito donors
By Paul J. Nyden

While both major candidates for U.S. Senate in West Virginia have accepted donations from big corporations accused of using offshore tax havens, some of those corporations have been significant contributors to Rep. Shelley Moore Capito, not just this year but through her entire political career.

Major American companies avoid paying about $90 billion in taxes every year by shifting profits to subsidiaries incorporated in overseas tax havens, in countries like Bermuda and the Cayman Islands.

These subsidiaries are often shell companies with few employees and no real business activity, according to “Offshore Shell Games: 2014: The Use of Offshore Tax Havens by Fortune 500 Companies.”

The United States Public Interest Research Group Education Fund (PIRG) and Citizens for Tax Justice release an updated version of this report annually. - See more at: http://www.wvgazette.com/article/20140616/GZ01/140619516/1419#sthash.Y4MkCfyF.dpuf