With an eye to the looming fiscal cliff, Washington is making important decisions on whether taxes should be higher or lower — but many companies aren’t even paying what they owe. In 2008, the Government Accountability Office reported that at least 83 of the top 100 publicly traded corporations in the U.S., such as Boeing and GE, use offshore tax havens to avoid paying federal taxes.
There are some tough budget decisions ahead, but closing the offshore tax loopholes that let large companies shift their tax burden to the rest of us should be an easy one.
We can’t afford tax haven loopholes, especially now. We can’t continue losing the revenue every year as the deficit grows and grows. Our elected leaders need to close these corporate tax loopholes. This is a solution that legislators of both parties should come together to support.
Alec Sprague is a Midwest Federal field organizer for the Missouri Public Interest Research Group.