The Power of One

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Tax Haven’s and Off Shore Bank Accounts Cousting Majority of U.S. Tax Payers.

This Article below was taken from the Huff Post Business Report: Study Posted 04/04/2013 3:15 pm

“Tax Haven Use Costing Americans $150 Billion Per Year.

Worried about the federal deficit? Then you’re worried about foreign tax havens, the use of which is costing the U.S. $150 billion per year in the form of lost tax revenues, according to academic studies cited by a recent report from U.S. PIRG, a left-leaning consumer group. To break it down, corporations account for $90 billion of the lost revenue, and individuals make up the other $60 billion.

Offshore tax evasion has become a hot-button issue of late, after a September Senate report alleged Apple, Google and Microsoft moved profits overseas in an aim to dodge taxes. Overall, U.S. companies are now holding a record $1.9 trillion of their profits abroad, according to a recent Bloomberg report.

Corporations aren’t the only ones keeping their money overseas, however. A Center for Public Integrity report released Wednesday found that the list of people dodging taxes through foreign havens include:

American doctors and dentists and middle-class Greek villagers as well as families and associates of long-time despots, Wall Street swindlers, Eastern European and Indonesian billionaires, Russian corporate executives, international arms dealers and a sham-director-fronted company that the European Union has labeled as a cog in Iran’s nuclear-development program.”

Editors Note.

This is also a very good example of how the upper 1% of Americans continue to get richer while the remaining 99% of us pay higher taxes to make up for the lost tax revenue. As stated above this article was taken from today’s, 4 April 2013, Huff Post Business Report. Please feel free to check it out and if it makes you as mad as it dose me I suggest you may want to make your own copy and send it to your member of the U.S. House of Representive and Senator, as I am doing, and ask them what they plan to do to fix the problem.