Want to avoid the fiscal cliff? Look offshore

As our lawmakers in Washington figure out how to save $4 trillion over the next 10 years, they seem to have forgotten about a huge source of revenue both sides should be able to agree on: closing corporate tax loopholes. 

A study by the Government Accountability Office found that 83 of the top 100 publicly- traded companies use offshore tax havens to skip out on paying federal taxes.

By using armies of tax attorneys to make profits legitimately made in America magically appear on the books in shell companies in the Cayman Islands, this offshore tax haven abuse costs the federal government an estimated $150 billion a year in lost revenue.

Story Archived

Only the most recent 7 days of articles are available for free. For articles older than 7 days there is a small fee for retrieval from our archive. If you are a registered member of the site, the content is free just by signing in below.

Please sign in with your Comment Member ID and password.

Did you purchase access?

Member ID:
Password:
Forgot Your Password?
Register to comment.

Purchase Access
To allow for flexibility, we offer a variety of options for purchasing articles:
Purchase options


Having trouble?

If you have any technical difficulties, either with your username and password or with the payment options, please contact us by e-mail at archivedesk@shawmedia.com

Blogs

» Out Here
Out Here

Watch where you sit

On Tuesday, the Lee County Board voted 12-9 to approve a proposed wind farm in the southwestern part of the county. That happened after 27 sessions of a public hearing held by the Zoning Board of Appeals. Is everyone wiser for it?
» Out Here
Out Here

Good or bad? Depends on who you ask

Sometimes readers ask for more good news in the paper. They say we in the media only cover the bad. But one person's positive is another's negative.

Reader Poll

Memorial Day weekend heralds the arrival of summer vacation season. How much time do you plan to spend on vacation?

1 week
2 weeks
3 or more weeks
No vacation this year