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by Citizens for Tax Justice
Sunday, Oct. 18, 2015 at 2:46 PM
Ugland House is a modest five-story office building in the Cayman Islands, yet it is the
registered address for 18,857 companies.
The Cayman Islands, like many other offshore tax
havens, levies no income taxes on companies
to read the 56 page report "Offshore Shell Games 2014, The Use of Offshore Tax Havens by Fortune 500 Companies," June 2014, click on
Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax
havens—countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated billion in federal income taxes each year. These subsidiaries are often shell companies with few, if any
employees, and which engage in little to no real business activity.
more at www.foreffectivegov.org
Congress has left loopholes in our tax code that allow this tax avoidance, which forces ordinary Americans to make up the difference. Every dollar in taxes that corporations avoid by using tax havens must be balanced by higher taxes
on individuals, cuts to public investments and public services, or increased federal debt.
Companies can avoid paying taxes by booking profits to a tax haven because U.S. tax laws allow them to defer paying U.S. taxes on profits they report are earned abroad until they ”repatriate” the money to the United States. Corporations receive a dollar-for-dollar tax credit for the taxes they pay to foreign governments in order to avoid double taxation. Many U.S. companies game this system by using loopholes that let them disguise profits legitimately made in the U.S. as “foreign” profits earned by a subsidiary in a tax haven.
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