Hammering Big Business: Killing The Tax Haven Game To Get $50 Billion
November 9, 2008 by Douglas A. McIntyre
One of the ways that large American corporations "make" money is to put capital in tax havens outside the US. It costs the Treasury tens of billions of dollars, but it is completely legal and helps companies and their shareholders by improving earnings.
Mr. Obama and some of his friends in Congress take a dim view of the practice, and getting it reversed should be worth as much as $50 billion a year in new tax federal tax revenue.
According to The Observer, the Stop Tax Haven Abuse Act which Congress may enact in the next session could help balance the federal government’s books."Obama advisors estimate the measure could raise at least $50bn (£32bn) per year in lost US tax revenues, and Washington sources say leading accountancy firms have already hired lobbyists in anticipation of a fierce battle to water down the proposals."
With the Democrats holding both Houses of Congress, guess who wins?
Douglas A. McIntyre
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