Instead of cutting education, food safety inspections, law enforcement, food stamps and meals on wheels why doesn’t Congress close the Cayman Island tax loopholes?
The U.S. government loses about $150 billion in tax revenue to offshore tax havens where companies like Apple hide their profits. The average taxpayer has to pay more because the largest corporations avoid their tax liability. On top of that, middle and lower income Americans are disproportionally affected by all the reductions resulting from “Sequestration.”
Over three-fourths of the top 100 corporations have created subsidiaries overseas to avoid paying their fair share of taxes. A lot of that money is spent financing lobbyists in Washington DC to “persuade” Congressmen to permit the tax loopholes to continue. Then, of course, we hear the constant drumroll to reduce the deficit from the same politicians that allow corporations to escape paying taxes. And finally, the budget is cut in areas that don’t impact corporations or the CEOs that make a fortune avoiding taxes.
Yes, folks, we have the best government money can buy. Just look at the tax system as proof.
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