# Offshore profit shifting and the u.s. Tax code

**URL:** <https://boards.straightdope.com/t/offshore-profit-shifting-and-the-u-s-tax-code/636688>\
**Category:** Factual Questions\
**Created:** [October 4, 2012, 1:59pm UTC](https://boards.straightdope.com/t/offshore-profit-shifting-and-the-u-s-tax-code/636688 "2012-10-04T13:59:53Z")\
**Posts on this page:** 3\
**Page:** 1

<div class="post-metadata">

**Author:** ![Simple\_Mind](https://avatars.discourse-cdn.com/v4/letter/s/7cd45c/32.png) [@Simple\_Mind](https://boards.straightdope.com/u/Simple_Mind)\
**Post date:** [October 4, 2012, 1:59pm UTC](https://boards.straightdope.com/t/offshore-profit-shifting-and-the-u-s-tax-code/636688/1 "2012-10-04T13:59:53Z")

</div>

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: [Senate Permanent Subcommittee on Investigations Statement on Corporate Offshore Profit Shifting | Public Intelligence](http://publicintelligence.net/hsgac-corporate-offshore-profits/)  
Why is this not in the news???

---

<div class="post-metadata">

**Author:** ![AHarris](https://avatars.discourse-cdn.com/v4/letter/a/bcef8e/32.png) [@AHarris](https://boards.straightdope.com/u/AHarris)\
**Post date:** [October 4, 2012, 2:31pm UTC](https://boards.straightdope.com/t/offshore-profit-shifting-and-the-u-s-tax-code/636688/2 "2012-10-04T14:31:28Z")

</div>

Reported duplicate thread.

---

<div class="post-metadata">

**Author:** ![Simple\_Mind](https://avatars.discourse-cdn.com/v4/letter/s/7cd45c/32.png) [@Simple\_Mind](https://boards.straightdope.com/u/Simple_Mind)\
**Post date:** [October 4, 2012, 2:42pm UTC](https://boards.straightdope.com/t/offshore-profit-shifting-and-the-u-s-tax-code/636688/3 "2012-10-04T14:42:03Z")

</div>

Thanks