Image by nanand81 via Flickr
One of those legal, but totally unethical things to play with when you’re running any sort of business, but especially one as large as the ones mentioned in the Washington Post article.
What’s really annoying with this is that it should be pretty obvious if the income is being shifted around with audits of books regardless of how PR people try to say they “operate” in those locales. The problem with this is that the government loses out on billions of dollars a year in tax revenue. In turn, this becomes a burden for the average taxpayer. Talk about unethical.
But that’s not all! Oh no. It seems that several of the latest “financial bailout” corporations also operate these tax havens. This means that while the taxpayers are fronting the bill for these corporations to exist, they’re not even doing their due diligence as American corporations by paying our own taxes. And that’s just terrible.
Is there going to be a way to shut these legal loopholes down? We’ll see. The President-elect seems to think that they will but somehow I think that corporate pressure will throw its own weight. Let’s be honest here. The people that have the most money play the power plays and the rest of us are left footing the bill.