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Today theAi??Permanent Subcommittee on Investigations, led by chairman Senator Carl Levin (D-MI), released a memo looking at some of the international tax maneuvers being used by corporations to avoid paying taxes in the United States.
The memo pays particular attention to tech giant Microsoft. Here’s Reuters reporting about the findings related to the company:
The committee memo, released in advance of a 2 p.m. hearing in Washington today, said Microsoft used transactions with subsidiaries in Puerto Rico, Ireland, Singapore and Bermuda to save at least $6.5 billion in taxes.
ai???These loopholes and abuses exact a tremendous cost,ai??? Levin told reporters during Ai??press briefing today. ai???What these gimmicks do is shift the burden of taxes onto citizens and business who donai??i??t use armies of lawyers and accountants.ai???
Unfortunately, Microsoft is far from alone in using international tax shelters to dodge itsAi??commitmentsAi??to American taxpayers. Some experts estimate that U.S. corporations are storing as much as $1 trillion in cash overseas to avoid paying taxes here.
Corporations that avoid paying taxes through these overseas subsidiaries should have ALL their assets seized by the government.