Sunday, April 19, 2009

Guess who's not paying their taxes?


Estimated value of assets the IRS believes to be held in offshore tax
havens, countries with nominal taxes and minimal reporting requirements: _$5


Number of countries that aggressively market themselves as tax havens: _at
least 40_


Percent of the biggest U.S. corporations that utilize tax havens: _80_


Number of U.S. companies that maintain post office boxes in one 5-story
building in the Cayman Islands, a notorious tax haven: _over 18,000_


Number of tax havens used by Charlotte, N.C.-based Bank of America: _115_


Number of Bank of America tax havens in the Cayman Islands: _59_


Estimated annual cost of offshore tax havens to U.S. taxpayers: _$100


Estimated annual cost of offshore tax havens to U.S. taxpayers in the 13
Southern states*: _$28,712,758,673_


Estimated annual cost of offshore tax havens to U.S. taxpayers in Texas
alone: _$8,653,820,259_


Number of people working in Iraq for Houston-based KBR who were listed as
employees of two shell companies that exist only as computer files in a
Cayman Islands office: _21,000_


Under the arrangement, which KBR admits it created to avoid payroll taxes,
amount in unemployment assistance those employees are entitled to collect
should they lose their jobs: _$0_


Proportion of U.S. corporations that paid no income taxes between 1998 and
2005, due largely to the use of offshore tax havens and other tax dodges:
_2/3_ (

Estimated amount of money that would be generated for the Treasury if the
Stop Tax Haven Abuse Act were approved by Congress: _$100 billion_


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