Here's an entitlement that should be slashed - 100 billion in off shore tax evasion.

[EFerrari]

Offshore Banking and Tax Havens Have Become Heart of Global Economy

As millions of Americans prepare to file their income taxes ahead of Monday’s deadline, we look at how corporations and the wealthy use offshore banks and tax havens to avoid paying taxes and other governmental regulations. "Tax havens have grown so fast in the era of globalization, since the 1970s, that they are now right at the heart of the global economy and are absolutely huge," says our guest, British journalist Nicholas Shaxson. "There are anywhere between $10 and $20 trillion sitting offshore at the moment. Half of world trade is processed in one way or another through tax havens." Shaxson is the author of the new book, Treasure Islands: Uncovering the Damage of Offshore Banking and Tax Havens.

JUAN GONZALEZ: As millions of Americans are preparing to file their income taxes ahead of Monday’s deadline, we look today at how corporations and the wealthy are utilizing offshore banks and tax havens to avoid paying taxes and other governmental regulations.

Earlier this year, Democratic Senator Carl Levin introduced two bills to crack down on tax havens. Levin estimates that nearly $100 billion is lost each year by not closing tax loopholes.

Besides Levin’s bill, there has been little discussion in Washington on the issue, despite the intense debate over the budget. During President Obama’s budget speech on Wednesday, he uttered the words "tax" and "taxes" nearly 40 times. Never once did he mention tax havens.

http://www.democracynow.org/2011/4/15/offshore_banking_and_tax_havens_have

We should be "strengthening" and "improving" this situation if "everything is on the table", right?!

[Turbineguy]

1. That would make it an entitlement.

An entitlement is something to have to scratch and gouge from the rich.

[no_hypocrisy]

2. It would be a good beginning if the IRS had a new reg that stated

that if your company is situated offshore or in another country but trades its stock on the NYSE, Chicago Mercantile Market, etc., it is deemed a domestic corporation and must pay taxes.

[drm604]

3. That's not an entitlment,

unless you believe those corporations are entitled to avoid those taxes.

Entitlements, by definition, are things that people are entitled to.

[EFerrari]

4. But I've been told that corporations are people!

:)

[drm604]

6. Let me reword that.

Entitlements are things that legal entities (people, corporations, etc.) are entitled to. I don't think those corporations are entitled to avoid those taxes.

[EFerrari]

7. Yep. Although from the way their evasion is protected

you'd never know it.

[sinkingfeeling]

5. That's a right for the top 1%.

[xchrom]

8. ...

:applause:

[The Magistrate]

9. Hear Hear, Ma'am!

[cutlassmama]

10. k&r

[intheflow]

11. K&R- damn right!

[slipslidingaway]

12. knr nt

[Octafish]

13. Gee. Wonder if the Teabaggers heard about this on Fox?

The fact none of Corporate McPravda want to touch this story is evidence something is very, very wrong.

[La Lioness Priyanka]

14. i agree