Taxes, Schmaxes: Party On The Islands!
As we prols struggle to get our modest money to the feds so they can do horrific things with it, let us consider the $100 billion that corporations – including bailout recipients Morgan Stanley, Citigroup and Bank of
America – have stashed in the Cayman Islands. "Tax Shell Game," a new report by the U.S. Public Interest Research Group (PIRG), finds that 83 of the 100 biggest U.S. companies dodge taxes – thereby soaking taxpayers – through bogus off-shore tax havens. President Obama has vowed to close corporate loopholes. Given the level of abuses, says PIRG attorney John Krieger, it's overdue.
"The point is that we all pay for it," he says.