Stiffing US Taxpayers on ‘Grand Scale,’ Fortune 500 Holding $2.6 Trillion Offshore

Tales from the Conspiratum

Ready to gag?The new study discovered that, in total, America’s most profitable corporations in 2016 had $2.6 trillion stashed overseas in over 9,000 subsidiaries in various locations, including notorious tax havens like Bermuda and the Cayman Islands.”

Source: Stiffing US Taxpayers on ‘Grand Scale,’ Fortune 500 Holding $2.6 Trillion Offshore | Common Dreams

“As Congress considers proposals to institute a near zero percent tax rate on profits booked offshore by multinational corporations, the findings in this report should give policymakers pause.”

“Congress created the loopholes in our tax code that allow offshore tax avoidance and force ordinary Americans to make up the difference,” the new study observes. (Photo: Michael Fleshman/Flickr/cc)

As President Donald Trump and the Republican-controlled Congress intensify their push for massive corporate tax cuts that critics have said would encourage businesses to offshore profits…

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