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Report: Close Corporate Tax Loopholes
The Hidden Cost of Offshore Tax Havens
- $39.8 billion would cover education costs for more than 3.7 million children for one year.
- This sum is also roughly equivalent to total state and local expenditures on firefighters ($39.7 billion) or on parks and recreation ($40.6 billion) in FY 2008.
- Table ES-1 lists the top 10 states with the most revenue lost to tax haven abuse.
- Some of the largest companies in the United States use tax havens, including many that have taken advantage of government bailouts or rely on government contracts. As of 2008, 83 of the 100 largest publically traded corporations in the United States maintained revenues in offshore tax havens, according to the Government Accountability Office.
- At the end of 2011, 290 of the top Fortune 500 companies using tax havens collectively held $1.6 trillion in profits outside the United States—up from $1.1 trillion in 2009—according to Citizens for Tax Justice.
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