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Report: Close Corporate Tax Loopholes
What America Could Do with $150 Billion Lost to Offshore Tax Havens
Many corporations and wealthy individuals use offshore tax havens—countries with minimal or no taxes—to avoid paying $150 billion in U.S. taxes each year.
Companies that do business in the U.S. but use offshore tax havens to avoid taxes—such as Microsoft, Exxon Mobil, and Bank of America— benefit from their access to America’s markets, workforce, infrastructure and security. Shirking the taxes that pay for these benefits violates the basic fairness of the tax system.
By shielding their income from U.S. taxes, corporations and wealthy individuals shift the tax burden to ordinary Americans, who must pick up the tab in the form of cuts to public services, more debt, or higher taxes.
The $150 billion lost annually to offshore tax havens is a lot of money, especially at a time of difficult budget choices. To put this sum in perspective, this factsheet provides examples of how it could be used.
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