It's totally happening. Companies are too international to regulate. They're sucking the US dry. Try to tell them to pay taxes and they're just going to up and relocate all together. While the people in the US stay and lose money and jobs. It's going to be fascinating to watch people realize this.
"Fifty-eight percent of offshore profits are now taken in tax havens"
"The figures also show how Congress, by eroding the capacity of the Internal Revenue Service to enforce tax laws and through laws and treaties that favor the use of tax havens, is shifting the burden of taxes from multinational companies to individuals and purely domestic companies."
"Congress gives companies a dollar-for-dollar credit on taxes paid in foreign countries, which in practice is a subsidy for offshore investment.
Congress also permits perpetual deferral of taxes on profits earned offshore - but only if they are not returned to the United States, a practice that critics say encourages job creation overseas to the detriment of American workers. "
Posted by bluprnt at September 13, 2004 03:46 PM