According to a new report from the anti-poverty charity Oxfam, systemic abuse of the global tax system has allowed an “opaque and secretive network” of 1,608 subsidiaries owned by American corporations like Apple and General Electric to hide $1.4 trillion in offshore tax havens.
The Tax Justice Network’s biennial ranking of the world’s friendliest tax havens for super-rich individuals and businesses looking to hide their assets is out. Folks, this one is a banger, with the United States leapfrogging Singapore, Luxembourg, and the Cayman Islands to take 3rd.
A new report from Americans for Tax Fairness finds that Walmart—one of the most conspicuously flag-waving corporations in America—hides tens of billions of dollars in assets in overseas tax havens to avoid paying taxes in the US.
Why did Alan Grayson call a reporter a “shitting robot” yesterday? Because that reporter learned the liberal populist hero Florida congressman, worth somewhere south of $100 million, keeps as much as a quarter of his wealth in “hedge funds in the Cayman Islands” where foreign investors can dodge U.S. taxes.
A funny thing's happened in Finland. Scores of its monied elite have filed requests to correct their tax data this summer—suddenly recollecting that they'd stashed earnings away in Swiss banks. Truly, this is the end of an era, thanks entirely to a U.S.-led crackdown on tax evasion. It's also a strange new beginning.
Nike, Microsoft, Dell, and plenty of other Fortune 500 companies are just as enthusiastic about using offshore tax havens as Apple is.
Certain nations in this world prosper by becoming "tax havens"— by pulling in money from people and entities seeking to avoid taxes in their home countries. They profit as the treasuries of other nations suffer. Now, even some non-utopians are predicting their end.
While we wait for Harold Ford to explain how he's avoided filing a New York tax return while working in New York, he's preparing to jet off for Bermuda. To address a group that lobbies for tax evaders, er, avoiders.
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