Say It Ain't So Already

Those Poor Over-Taxed Corporations?

February 15, 2010 at 12:58 PM Leave a comment

A Caribbean Tax Holiday for U.S. Businesses:

These two tiny companies illustrate a growing trend. At a time when the Obama Administration is preparing for a bitter battle with big multinationals over closing arcane tax loopholes, legions of mostly small retailers and service providers are minimizing their U.S. tax bills by sending credit-card receipts to Panama, Nevis, Aruba, the Cayman Islands, and other business-friendly havens. The IRS estimates that $100 billion a year in revenue is escaping U.S. sales and income taxes in this manner.

Entry filed under: Corporatocracy, Our Tax Dollars. Tags: .