TAXES »» OVERSEAS TAXES »» OVERSEAS HEADQUARTERS »» Dec 28, 2020

At the end of 2020, our national debt was record-breaking $23.3 trillion, accompanied by a fast-growing federal budget deficit. Still, almost one-quarter of our largest corporations pay absolutely no federal income taxes at a time when corporate profits are at all-time highs. Many have shipped jobs overseas while hiding profits in offshore bank accounts to avoid paying the taxes they owe. Studies show that in 2016, 73% of our Fortune 500 companies used offshore tax havens to avoid paying their fair share of taxes. Nearly 9,000 corporations with billing addresses in the U.S. are registered at a single building in the Cayman Islands, some for decades. A new tax avoidance scheme called corporate tax inversion has recently evolved from this