http://www.thenation.com/blog/159307/us-uncut-adds-verizon-and-fedex-their-target-listChris Priest, one of ten people on the board of US Uncut’s national planning committee, tells me that Verizon and FedEx have recently been added to US Uncut’s target list. He also added that there is a larger list of corporate tax dodgers the group plans to release later in the month. Both Verizon and FedEx are multibillion-dollar corporations that pay lower tax rates than you do, and the reason Verizon is able to do this is by creatively redirecting profits to their foreign wireless partner, Vodafone.
Vodafone has been the longtime target of UK Uncut due to its equally unscrupulous tax dodging practices. The company claims a large portion of its revenue should not be subject to British taxation because they reroute the cash through Luxembourg, which has a tax rate of under 10 percent. Vodafone has managed to double its profit during the recession by using this funneling scheme that ultimately robbed British taxpayers of billions of pounds that could have gone toward funding communities.
So here we have an exploitative company, Verizon, channeling its income to another corrupt partner in Britain, all in the name of avoiding taxation. These massive evaders do this during a time when public services in both Britain and America are being slashed in the name of “fiscal responsibility,” but the really responsible thing would be to make corporations pay their fair share in taxes.
And then there’s FedEx, a company with a long history of battling the IRS, but which has thus far remained relatively under the radar despite its shady practices. The GAO released a report in 2007 that stated FedEx has twenty-one subsidiaries in jurisdictions listed as tax havens (Antigua, Bahamas, Barbados, Bermuda, three in the Cayman Islands, Costa Rica, Grenada, two in Hong Kong, three in Ireland, two in Netherland Antilles, Singapore, St. Kitts, St. Lucia, Turks and Caicos Islands and the US Virgin Islands). For comparison, Exxon Mobil, one of the legendary tax-dodging corporations, had thirty-two listed tax havens in its 2007 report. Such revenue sheltering practices place FedEx in the big leagues of corporate scam artists.
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Ugland House: Nearly 19,000 companies call this home in the Cayman Islands
Businesses & Investors Against Tax Haven Abuse
http://businessagainsttaxhavens.org /
There is no justification for tax avoidance and evasion through offshore tax havens. Everyone needs to pay their fair share to keep America moving forward. Tax dodging deprives our nation of revenue needed to maintain and modernize the infrastructure and services underpinning a strong economy. An estimated $37-60 billion or more in tax revenue is lost every year. Our economic progress is undermined when companies are rewarded for financial manipulation rather than innovation and productive investment.
Offshore tax havens provide cover for banks, hedge funds and corporations to shift taxable income from the United States to tax havens for the sole purpose of escaping taxation. Tax haven secrecy allows wealthy Americans to hide assets, helps companies manipulate their finances, and fosters the casino economy. Offshore tax havens reward companies and individuals who offload taxes to responsible businesses and households.
Through this campaign, we are mobilizing business people and investors who are committed to supporting a level playing field by stopping tax haven abuse. Passing strong legislation to end tax haven abuse will show we are serious about taxation that is transparent, fair and responsible. It is an important step in ending the irresponsible speculation and financial manipulation putting our whole economy at risk.
Business people and investors have a crucial voice in this debate. Washington has been hearing mostly from business lobbyists opposed to strong legislation to stop tax haven abuse. We will amplify the voices of business people and investors asking the President and Congress to strengthen our economy by enacting tough legislation to end tax haven abuse.
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