Corporate Tax Havens Stiff Taxpayers by $110B A Year

by Eric Pianin, The Fiscal Times

On the eve of Tax Day, a prominent consumer advocacy group on Tuesday provided a vivid reminder of how some of the largest Fortune 500 companies avoid paying billions of dollars in U.S. taxes on profits parked overseas.

Last year alone, the U.S. Treasury and state governments lost roughly $110 billion in tax revenues after major corporations funneled their cash through accounts in the Cayman Islands, Bermuda and other offshore tax havens, according to figures compiled by the U.S. Public Interest Research Group (PIRG).  Read the entire story.

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