Offshore Shell Games 2016 | CTJReports
Report on U.S. companies taking advantage of off shore tax laws.
Report on U.S. companies taking advantage of off shore tax laws.
Instead, the study — which notes that 58 Fortune 500 companies would owe $212 billion in additional federal taxes, “equal to the entire state budgets of California, Virginia and Indiana combined,” if they were taxed properly — should be a five-alarm call to voters and lawmakers to finally fix the tax system. If all the attention on Mr. Trump’s tax bill (or lack of one) isn’t enough to inspire a complete rewrite of the tax code, this study may be.
The authors of the report, which include the U.S. PIRG Education Fundand Citizens for Tax Justice, combed through the filings of the Fortune 500 for 2015 and found an astonishing 73 percent “maintained subsidiaries in offshore tax havens.”
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