By Richard Phillips, Citizens for Tax Justice; Matt Gardner, Institute on Taxation and Economic Policy; Kayla Kitson, Institute on Taxation and Economic Policy; Alexandria Robins, U.S. PIRG Education Fund; and Michelle Surka, U.S. PIRG Education Fund
U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to paying taxes. Corporate lobbyists and their congressional allies have riddled the U.S. tax code with loopholes and exceptions that enable tax attorneys and corporate accountants to book U.S. earned profits to subsidiaries located in offshore tax haven countries with minimal or no taxes. The most transparent and galling aspect of this is that often, a company’s operational presence in a tax haven may be nothing more than a mailbox. Overall, multinational corporations use tax havens to avoid an estimated $100 billion in federal income taxes each year.
Continue reading Offshore Shell Games 2016 The Use of Offshore Tax Havens by Fortune 500 Companies
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