Monday, July 26, 2010

Businesses against tax havens - new US group

In the United States, small businesses are mobilising against tax havens, as we recently indicated. Take a look at this resource.

"We, the undersigned business owners, executives and investors, call on the President and Congress to end tax dodging and support a level playing field for business by enacting strong legislation to stop tax haven abuses. Offshore tax havens reward tax evaders, rob public coffers of needed revenue and offload taxes to responsible businesses and households."

Good progress. It's hardly a surprise - small businesses lose out to offshore abuse by bigger competitors routinely. And they figure the biggest users of secrecy jurisdictions, with a list derived from a recent GAO study.

"Citigroup: 427 tax haven subsidiaries ~ Morgan Stanley: 273 ~ Bank of America: 115 ~ Wachovia: 59 ~ Lehman Brothers: 57 ~ JP Morgan Chase: 50 ~ Goldman Sachs: 29 ~ Merrill Lynch: 21 ~ American International Group (AIG): 18 ~ Countrywide Financial: 7 ~ News Corp: 152 . . . and onwards."

See the NY Times report on this here and a Bloomberg story here.


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