Offshore profit shifting and the u.s. Tax code

STATEMENT OF SENATOR CARL LEVIN (D-MICH)
BEFORE
U.S. SENATE PERMANENT SUBCOMMITTEE ON INVESTIATIONS
ON
OFFSHORE PROFIT SHIFTING AND THE U.S. TAX CODE
September 20, 2012
America stands on the edge of a fiscal cliff. This challenge lends new urgency to a topic this
subcommittee has long investigated: how U.S. citizens and corporations have used loopholes and
gimmicks to avoid paying taxes. This subcommittee has demonstrated in hearings and
comprehensive reports how various schemes have helped shift income to offshore tax havens and
avoid U.S. taxes. The resulting loss of revenue is one significant cause of the budget deficit, and
adds to the tax burden that ordinary Americans bear.
U.S. multinational corporations benefit from the security and stability of the U.S. economy, the
productivity and expertise of U.S. workers and the strength of U.S. infrastructure to develop
enormously profitable products here in the United States. But, too often, too many of these
corporations use complex structures, dubious transactions and legal fictions to shift the profits
from those products overseas, avoiding the taxes that help support our security, stability and
productivity.
Full article: http://publicintelligence.net/hsgac-corporate-offshore-profits/
Why is this not in the news???

Reported duplicate thread.

Thanks