As CEOs seek tax cuts, senator slams corporate tax haven use
This was from Reuters, yesterday.
A search on DU, I couldn't find that it was posted.
If it was, my apologies, that's why I put it in GD.
I thought it might worth a discussion.
It unbelievable that we continue to give tax breaks to those corporations that are already
abusing the system by putting their money in off shore tax havens.
http://www.reuters.com/article/2015/02/18/us-usa-tax-havens-idUSKBN0LM27Q20150218
(Reuters) - Senator Bernie Sanders lashed out on Wednesday at widespread use of offshore tax havens by U.S. companies, and the liberal independent targeted a group that represents CEOs of big corporations and wants corporate taxes lowered.
Sanders, top opposition member on the U.S. Senate Budget Committee, released a report decrying what he called "legalized tax fraud." It showed that 111 of the 201 member companies of the Business Roundtable are sheltering more than $1 trillion in profits overseas, where they are not subject to U.S. taxes.
Using the Cayman Islands, Bermuda and other tax havens, these companies have saved more than $280 billion in tax liabilities, Sanders concluded in the report.
The senator from Vermont delivered his broadside a day ahead of a media event the Business Roundtable scheduled at its Washington office. The group was expected to call again for a rewrite of the U.S. tax code including a lower corporate income tax rate.
Sanders said Business Roundtable companies account for roughly half of an estimated $2 trillion in profits held overseas by U.S. companies under a loophole that lets them defer taxation on profits from overseas subsidiaries.
The "last thing" Congress should do is provide more tax breaks to such profitable businesses, Sanders said.
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