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Revenue Lost on Profits Stashed in Offshore Havens
The “clock” to the right is counting revenue lost during the 113th Congress while it has failed to take any action to force multinational corporations to pay tax on profits stashed in offshore tax havens.
American and foreign terrorists, narco-traffickers, arms dealers, corrupt foreign officials, tax evaders and other criminals easily and regularly set up anonymous U.S. companies to launder their money with impunity.
The current tax code is riddled with loopholes inserted by special interests that result in wealthy individuals and large, multi-national corporations shifting their tax responsibilities to small and domestic businesses, and average taxpayers.