A Senate report estimated in 2008 that the United States loses up to $100 billion a year in tax revenue to offshore tax havens (PDF). In a report released Wednesday, the U.S. Public Interest Research Group offers a state-by-state breakdown of the cost to taxpayers of tax revenue lost to "shell companies and sham headquarters" in places like Switzerland and the Cayman Islands. Full Story »
Posted by Dwight Rousu
At tax time, it is good to see what large "patriotic" corporations are doing to avoid social responsibility in the name of good old greed.
Now is there a table of the political contributions of these corporations and executives, which might be keeping the loopholes open? Another argument for voter owned publicly financed elections.
Another Tax evading story, reporting nothing new really, except for the money that some nerd calculated. Must like the U.S. budget, it estimates what taxes they are losing. I would bet you could double that. If I were a Governor, with numbers like these, and most states in the red, I would be talking to IRS as quick as possible.
I think it adds to the overall debate in a positive way. The fact that we have a high corporate tax rate - 35% but that only about 17% of corporate profit ends up as tax revenue indicates that the days of corporate welfare should be ended.
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