US companies have mouths stuffed with gold... then stuff gold in Caymans - Oxfam Report
Oxfam America has revealed that American companies stash over a trillion dollars abroad to avoid paying tax, yet have received trillions in loan guarantees and bailouts. The charity's press release has plenty of damning statistics and is well worth a read, with its president, Raymond C. Offenheiser, summing up what most people would agree with:
“The vast sums large companies stash in tax havens should be fighting poverty and rebuilding America’s infrastructure, not hidden offshore in Panama, Bahamas, or the Cayman Islands.”
“For every $1 spent on lobbying, the largest 50 companies received $130 in tax breaks and more than $4,000 in federal loans, loan guarantees and bailouts.”
Oxfam is calling on Congress to pass the Stop Tax Haven Abuse Act. If you are American, perhaps it is time to write to your representatives in Washington about this bill.