Superlative
Senior Member
- Mar 13, 2007
- 1,382
- 109
- 48
Under Cheney's tenure,(95-00) the number of Halliburton subsidiaries in offshore tax havens increased from 9 to 44. Meanwhile, Halliburton went from paying $302 million in company taxes in 1998 to getting an $85 million tax refund in 1999.
Many large multinational corporations pay no taxes at all. According to the GAO more than 60% of U.S. controlled corporations with at least $250 million in assets (representing 93 percent of all corporate assets reported to the IRS) reported no federal tax liability each year between 1996 and 2000, while the economy boomed and corporate profits soared. 71% of foreign-based firms operating in the U.S. during that same period paid no U.S. income taxes.
According to Citizens for Tax Justice, 82 of 275 top U.S. corporations paid zero taxes between 2001 and 2003, although they earned $102 billion in pre-tax profits.
46 companies with a combined profit of $42.6 billion paid no federal income taxes in 2003 alone. Instead they received rebates totaling $5.4 billion.
http://www.corporatepolicy.org/topics/Taxhavens.htm
WASHINGTON , citing $100 billion in revenue drained from the U.S. Treasury at the expense of honest, hardworking American families who pay their fair share, Sen. Carl Levin, D-Mich., Sen. Norm Coleman, R-Minn., and Sen. Barack Obama, D-Ill., introduced comprehensive legislation to stop offshore tax haven and tax shelter abuses.
http://www.senate.gov/~levin/newsroom/release.cfm?id=269479
A large but low-profile Seattle-based investment firm, Quellos Group, used a bewildering series of fake securities deals between offshore shell companies to help rich clients shelter more than $2 billion in capital gains from taxes, a Senate report released Tuesday alleges.
Senate investigators said the Quellos-created shelters ultimately cost the U.S. Treasury $300 million in tax payments.
The Senate's Permanent Subcommittee on Investigations concluded, after a yearlong inquiry, that offshore tax havens allow the wealthy to stash trillions of dollars, mostly beyond the reach of tax, regulatory and law-enforcement authorities, and avoid paying $40 billion to $70 billion in taxes each year.
Michigan Sen. Carl Levin, the senior Democrat on the subcommittee, said at a hearing yesterday that the report, which outlines the Quellos shelters and several others, "blows the lid off tax-haven abuses that make use of sham trusts, shell corporations and fake economic transactions to help people dodge taxes."
http://www.corpwatch.org/article.php?id=13985
For more than four years, Levin and Coleman, the Chairman and senior Republican of the Permanent Subcommittee on Investigations, have led an in-depth Subcommittee investigation into offshore tax havens, abusive tax shelters, and the professionals who design, market, and implement these tax dodges. Experts have estimated that the total loss to the Treasury from offshore tax evasion alone approaches $100 billion per year, including $40 to $70 billion from individuals and another $30 billion from corporations engaging in offshore tax evasion. Abusive tax shelters add tens of billions of dollars more.
http://www.senate.gov/~levin/newsroom/release.cfm?id=269479
The Permanent Subcommittee on Investigations has scheduled a hearing for August 1, 2006, entitled Offshore Abuses: The Enablers, The Tools & Offshore Secrecy. The Subcommittee has held a number of hearings addressing the issue of tax havens and offshore abuses which are undermining the integrity of the federal tax system, diverting tens of billions of dollars each year from the U.S. Treasury, and undermining U.S. law enforcement.
http://www.senate.gov/~govt-aff/index.cfm?Fuseaction=Hearings.Detail&HearingID=385
Many large multinational corporations pay no taxes at all. According to the GAO more than 60% of U.S. controlled corporations with at least $250 million in assets (representing 93 percent of all corporate assets reported to the IRS) reported no federal tax liability each year between 1996 and 2000, while the economy boomed and corporate profits soared. 71% of foreign-based firms operating in the U.S. during that same period paid no U.S. income taxes.
According to Citizens for Tax Justice, 82 of 275 top U.S. corporations paid zero taxes between 2001 and 2003, although they earned $102 billion in pre-tax profits.
46 companies with a combined profit of $42.6 billion paid no federal income taxes in 2003 alone. Instead they received rebates totaling $5.4 billion.
http://www.corporatepolicy.org/topics/Taxhavens.htm
WASHINGTON , citing $100 billion in revenue drained from the U.S. Treasury at the expense of honest, hardworking American families who pay their fair share, Sen. Carl Levin, D-Mich., Sen. Norm Coleman, R-Minn., and Sen. Barack Obama, D-Ill., introduced comprehensive legislation to stop offshore tax haven and tax shelter abuses.
http://www.senate.gov/~levin/newsroom/release.cfm?id=269479
A large but low-profile Seattle-based investment firm, Quellos Group, used a bewildering series of fake securities deals between offshore shell companies to help rich clients shelter more than $2 billion in capital gains from taxes, a Senate report released Tuesday alleges.
Senate investigators said the Quellos-created shelters ultimately cost the U.S. Treasury $300 million in tax payments.
The Senate's Permanent Subcommittee on Investigations concluded, after a yearlong inquiry, that offshore tax havens allow the wealthy to stash trillions of dollars, mostly beyond the reach of tax, regulatory and law-enforcement authorities, and avoid paying $40 billion to $70 billion in taxes each year.
Michigan Sen. Carl Levin, the senior Democrat on the subcommittee, said at a hearing yesterday that the report, which outlines the Quellos shelters and several others, "blows the lid off tax-haven abuses that make use of sham trusts, shell corporations and fake economic transactions to help people dodge taxes."
http://www.corpwatch.org/article.php?id=13985
For more than four years, Levin and Coleman, the Chairman and senior Republican of the Permanent Subcommittee on Investigations, have led an in-depth Subcommittee investigation into offshore tax havens, abusive tax shelters, and the professionals who design, market, and implement these tax dodges. Experts have estimated that the total loss to the Treasury from offshore tax evasion alone approaches $100 billion per year, including $40 to $70 billion from individuals and another $30 billion from corporations engaging in offshore tax evasion. Abusive tax shelters add tens of billions of dollars more.
http://www.senate.gov/~levin/newsroom/release.cfm?id=269479
The Permanent Subcommittee on Investigations has scheduled a hearing for August 1, 2006, entitled Offshore Abuses: The Enablers, The Tools & Offshore Secrecy. The Subcommittee has held a number of hearings addressing the issue of tax havens and offshore abuses which are undermining the integrity of the federal tax system, diverting tens of billions of dollars each year from the U.S. Treasury, and undermining U.S. law enforcement.
http://www.senate.gov/~govt-aff/index.cfm?Fuseaction=Hearings.Detail&HearingID=385
. This scam is expected to cost the U.S. $5 billion over the next decade, according to the Joint Committee on Taxation. By paying just $30,000 to establish a simple postal drop, for instance, Ingersoll-Rand expects to save $40 million per year by declaring itself headquartered in Bermuda. Dozens of companies have undergone corporate inversions to reduce their taxes while continuing to enjoy U.S. protections.
