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September 27, 2004

Tax Havens Cost $10-$20 Billion a Year

How on the payroll of corporations are Congressional tax writers?

How about they let corporations cheat taxpayers of $10 to $20 billion per year by pretending that they produced most of their profits on the island of Bermuda or similar tax havens. An earlier study by the same group showed that "the rise in foreign earnings was not accompanied by any gain in real economic activity in the tax havens," so this is all about Enron accounting, not real offshoring of economic production.

The Congress increased the debt by $150 billion last week and didn't bother to pay for it. Given they could have covered the cost by just closing this loophole, the fact they didn't just shows that this ripoff of the public is part of the plan for crashing the public and eventually public services.

Posted by Nathan at September 27, 2004 07:26 AM