The Top 50 US Corporations Are Stashing $1.4 Trillion in Offshore Tax Havens

[eridani]

http://readersupportednews.org/news-section2/318-66/36329-the-top-50-us-corporations-are-stashing-14-trillion-in-offshore-tax-havens

Less than two weeks after the Panama Papers, a yearlong investigation by hundreds of news organizations around the world, cast a bright light on the world of offshore tax havens, a new report from anti-poverty NGO Oxfam reveals how much money the 50 largest US corporations have stashed away overseas.

It’s a lot: $1.4 trillion.

The Panama Papers leak has caused trouble for the world’s heads of state, politicians and their associates, business leaders and celebrities. But it hasn’t caused much trouble for wealthy Americans, who are more likely to stash their cash in stateside tax havens like Delaware, Nevada and Wyoming, or in Bermuda, Singapore, and the Cayman Islands.

If the data leak had come from one of those places, the political fallout might have hit American elites a little closer to home.

The Oxfam report, “Broken at the Top,” does just that.

“As Americans rush to finalize tax returns, multinational corporations that benefit from trillions in taxpayer-funded support are dodging billions in taxes,” Raymond C. Offenheiser, President of Oxfam America, said in a statement. “The vast sums large companies stash in tax havens should be fighting poverty and rebuilding America’s infrastructure, not hidden offshore in Panama, [the] Bahamas, or the Cayman Islands.”