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Anti-Poverty Network: Large Corporations Avoid $150 Billion Per Year Through Tax Loopholes
Jubilee USA Network: 'It should not be tolerated'
Dec 13, 2012
As Congress and President Barack Obama continue to clash over end-of-the-year budget talks, an anti-poverty network on Thursday urged the federal government to find savings by closing offshore tax loopholes.
The Jubilee USA Network, an alliance of religious denominations, human rights groups and development agencies focusing on global poverty, said Thursday that at least 83 of the top 100 publicly traded corporations in the US--including Walmart, Coca Cola and Pfizer--make use of tax havens. More than half of all banking assets and a third of multinational company investments routed through them.
"If corporations paid the $150 billion in taxes that they avoid per year through offshore tax loopholes it would more than cover the $109 billion in automatic spending cuts that are set to begin on January 1, 2013," said a release from the Jubilee USA Network. "These loopholes allow many of America's largest corporations and wealthiest individuals to avoid taxes by using accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes."
The release continued:
It is estimated that for every $10 a country receives in development aid, $15 exits the country as a result of tax dodging. Corporations are operating in developing countries and robbing resources by using offshore tax havens to hide their money instead of paying their taxes--curbing this behavior at home sends a message that it should not be tolerated around the world.
An Unconstitutional Rampage
Trump and Musk are on an unconstitutional rampage, aiming for virtually every corner of the federal government. These two right-wing billionaires are targeting nurses, scientists, teachers, daycare providers, judges, veterans, air traffic controllers, and nuclear safety inspectors. No one is safe. The food stamps program, Social Security, Medicare, and Medicaid are next. It’s an unprecedented disaster and a five-alarm fire, but there will be a reckoning. The people did not vote for this. The American people do not want this dystopian hellscape that hides behind claims of “efficiency.” Still, in reality, it is all a giveaway to corporate interests and the libertarian dreams of far-right oligarchs like Musk. Common Dreams is playing a vital role by reporting day and night on this orgy of corruption and greed, as well as what everyday people can do to organize and fight back. As a people-powered nonprofit news outlet, we cover issues the corporate media never will, but we can only continue with our readers’ support. |
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As Congress and President Barack Obama continue to clash over end-of-the-year budget talks, an anti-poverty network on Thursday urged the federal government to find savings by closing offshore tax loopholes.
The Jubilee USA Network, an alliance of religious denominations, human rights groups and development agencies focusing on global poverty, said Thursday that at least 83 of the top 100 publicly traded corporations in the US--including Walmart, Coca Cola and Pfizer--make use of tax havens. More than half of all banking assets and a third of multinational company investments routed through them.
"If corporations paid the $150 billion in taxes that they avoid per year through offshore tax loopholes it would more than cover the $109 billion in automatic spending cuts that are set to begin on January 1, 2013," said a release from the Jubilee USA Network. "These loopholes allow many of America's largest corporations and wealthiest individuals to avoid taxes by using accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes."
The release continued:
It is estimated that for every $10 a country receives in development aid, $15 exits the country as a result of tax dodging. Corporations are operating in developing countries and robbing resources by using offshore tax havens to hide their money instead of paying their taxes--curbing this behavior at home sends a message that it should not be tolerated around the world.
As Congress and President Barack Obama continue to clash over end-of-the-year budget talks, an anti-poverty network on Thursday urged the federal government to find savings by closing offshore tax loopholes.
The Jubilee USA Network, an alliance of religious denominations, human rights groups and development agencies focusing on global poverty, said Thursday that at least 83 of the top 100 publicly traded corporations in the US--including Walmart, Coca Cola and Pfizer--make use of tax havens. More than half of all banking assets and a third of multinational company investments routed through them.
"If corporations paid the $150 billion in taxes that they avoid per year through offshore tax loopholes it would more than cover the $109 billion in automatic spending cuts that are set to begin on January 1, 2013," said a release from the Jubilee USA Network. "These loopholes allow many of America's largest corporations and wealthiest individuals to avoid taxes by using accounting gimmicks to shift profits made in America to offshore tax havens, where they pay little to no taxes."
The release continued:
It is estimated that for every $10 a country receives in development aid, $15 exits the country as a result of tax dodging. Corporations are operating in developing countries and robbing resources by using offshore tax havens to hide their money instead of paying their taxes--curbing this behavior at home sends a message that it should not be tolerated around the world.
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