The GAO released a new report, International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions recently (see bottom right hand corner).
International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions, December 18, 2008
The Washington Post went further to see which of the TARP recipients also have offshore tax havens:
American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes
Further identified companies are:
The bailout recipients on the list include Bank of America, which received $45 billion; Citigroup, $45 billion; American Express, $3.4 billion; and Goldman Sachs, $10 billion, according to the Taxpayers for Common Sense watchdog group
So to spell it out. The United States is going into massive debt to save the financial sector. In turn our corporations offshore outsource jobs and use tax havens to avoid paying any taxes.
Thank Senator Byron Dorgan for requesting this GAO report.