Editorial

Get serious on tax evasion

Monday, October 17, 2016

According to a new report by CTJ, ITEP & USPIRG titled “Offshore Shell Games 2016,” American firms are avoiding up to $718 billion in U.S. taxes on $2.5 trillion in profits held offshore. The report found that nearly three-quarters of America’s biggest companies avoid U.S. taxes by setting up subsidiaries in tax haven nations— countries where corporate tax rates are minimal or nonexistent, financial transparency murky and tax-law enforcement lax.

Such findings do not surprise Americans, the existence of offshore tax havens as been known for a long time and is one of the reasons Americans are fed up with the status quo in Washington, D.C.