Posts Tagged tax havens

Your tax dollars at play – in the Cayman Islands

cayman_islands_beachIn honor of tax deadline day, the Huffington Post gives us a story about U.S. corporations that are avoiding paying billions in U.S. taxes by maintaining as little as a post office box in the Cayman Islands, Switzerland, and elsewhere.

A Senate report estimated in 2008 that the United States loses up to $100 billion a year in tax revenue to offshore tax havens. [snip]

U.S. PIRG’s report, titled “Tax Shell Game,” highlights some findings from a January report by the Government Accountability Office that found over 80 percent of the hundred biggest U.S. companies took advantage of tax havens. In 2008 the GAO found that one five-story building in the Cayman Islands, known as the “Ugland House,” contained 18,857 registered businesses, very few of which had anything but a P.O. box there. Bailout beneficiaries Morgan Stanley, Citigroup, and Bank of America boast over 300 subsidiaries in the Cayman Islands.

If you have the time and and stomach for it, here’s the entire 114-page senate report. (PDF).



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