Salt Lake – (ABC 4)
Just one day after thousands of Utahns went to Tea Parties to protest higher taxes, a new report has added up how much federal tax money isn't collected each year because of offshore corporate tax havens.
And this may be costing Utah's hundreds of millions each year.
It’s all in a new report by U.S. Pirg.
That's a Washington D.C. consumer watchdog group.
According to the report, many large U.S. corporations hide profits offshore, often in the Cayman Islands.
Each year - it estimates - this costs the United States 100 billion dollars in lost tax revenue.
That's money, the report claims, which eventually must made up by businesses and people that do pay taxes.
The report also shows how much this lost 100 billion may be costing the taxpayers of each state.
It says, "We can estimate approximately how much...each state must bear based on the amount that each state's taxpayers contribute to the national treasury in tax revenues."
Therefore, the report claims, that out of that 100 billion, offshore tax havens are
costing Utah taxpayers and businesses over 628 million a year.
Now, to read this U.S. Pirg tax report, go to this link:
http://www.uspirg.org/news-releases/product-safety2/product-safety-news2/washington-d.c.-new-study-highlights-100-billion-a-year-hidden-in-off-shore-tax-havens
