The Phaserl


Putin: “We Have To Think About How To Take This Money”

from Testosterone

“An epidemic of the world economy” is what Russian President Vladimir Putin called offshore jurisdictions that companies use to dodge taxes. American corporations were abusing this practice, and it affected continental Europe more than others, he said according to the state-owned official news and propaganda agency ITAR-TASS, just as the EU has started investigating these companies.

He was right. American companies are masters at this. Using various tricks and loopholes that Congress hand-tailored for them, they shift profits from the US and other countries to tiny low-tax jurisdictions, such as Bermuda, Ireland, or Singapore. A study found that over the past eight years, 14 American tech and pharma icons cut their average tax rate by a quarter and stashed nearly $500 billion into entities registered in low-tax offshore jurisdictions.

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