It’s so nice to see a major employer of Delaware acting like true patriots…
A majority of America’s largest publicly traded companies and the U.S. government’s largest federal contractors — including some receiving millions in federal bailout money — use multiple subsidiaries in offshore tax havens to conduct business and avoid paying U.S. taxes, a new report finds.
The new Government Accountability Office (GAO) report, released today by Sens. Byron L. Dorgan (D-N.D.) and Carl M. Levin (D-Mich.), lists Citigroup and Morgan Stanley as having set up hundreds of tax haven subsidiaries, along with American International Group and Bank of America. Also in the tax-haven list are well-known companies and such federal contractors as American Express, Pepsi and Caterpillar.
It is a pretty sweet deal if you think about. They take tax payer dollars, about 50,000,000,000.03 and build off shore tax havens to avoid paying taxes. It’s double the fun. Take tax dollars to stay in business and then not pay taxes to pay the CEO $50,000,000.00 a year.
Brilliant! Bank of America is such an awesome name! So patriotic