In the news

Illinois PIRG
|
Chicago Tribune
By
Dan Smith

"Many U.S.-based multinationals, which do their business here in the U.S. using our infrastructure and educated workforce, can make profitsearned here appear on the books in offshore tax havens. This tax haven abuse costs us $90 billion each year."

"While new bipartisan laws have made it harder to register corporate headquarters to a tax haven P.O. box, clever tax lawyers have found other ways to exploit these loopholes. For example, software giant Microsoft avoided $4.5 billion in taxes by funneling nearly half its American sales revenue to offshore subsidiaries that hold some of its intellectual property rights. For a bricks-and-mortar retailer to get in on this game, it could merge with or acquire a real foreign company — a process Walgreen has started by purchasing a large share of a drugstore chain based in Switzerland, a tax haven."

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