WASHINGTON, April 15, 2009 – As Americans rush to the post offices to pay their taxes, Washington-based U.S. Public Interest Research Group has released a new report showing how major US corporations avoid paying their fair share by hiding money in tax havens like the Cayman Islands.
Using data from the General Accountability Office (GAO), congressional studies and Internal Revenue Service reports, Tax Shell Game – The Taxpayer Cost of Offshore Corporate Tax Havens illustrates how 83 of the 100 biggest corporations in America dodge taxes by maintaining foreign subsidiaries in off-shore locations.
“Today should be the last Tax Day when high-priced accountants and secret post office boxes are valued over hard work and accountability,” said U.S. PIRG’s Nicole Tichon, author of the report.
Tax Shell Game lays out the burden put on taxpayers in each state by the $100 billion lost, and calls on Congress to pass legislation that will close corporate tax loopholes.
Tax Shell Game is available from U.S. PIRG (http://www.uspirg.org/issues/tax-and-budget) and will be released at press conferences, including a national teleconference, and other events held around the country.
taxshellgamefinalreport_national.pdf