Offshore Tax Loopholes

from The New York Times -

by Dan Smith

To the Editor:

Re ''In Debt Talks, All Tax Breaks Are Not Alike'' (front page, Oct. 3) :

Tax loopholes that allow the largest American corporations to avoid paying United States taxes by stashing profits offshore should be first on Congress's list to eliminate. Offshore tax havens cost America $100 billion a year in lost revenue, according to the Senate Subcommittee on Investigations.

When corporations employ high-priced lawyers and accountants to avoid the American taxes they owe, the rest of us pick up the tab. To make up for revenue lost from companies like General Electric, which appears to have paid no federal income taxes in 2010, the average American tax filer had to pony up an extra $434, a U.S. Public Interest Research Group report found.

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