Click Here for Full Article: Business and Investors Against Tax Haven Abuse
"Responsible businesses and banks are hurt when other firms use tax havens to avoid paying their fair share of taxes. In using tax havens, companies like Best Buy and General Electric, for example, shift their responsibility for taxes to the local appliance store or community bank.
There is no justification for tax avoidance and evasion through tax havens. Offshore tax havens provide cover for banks, hedge funds and corporations to shift taxable income from the United States for the sole purpose of escaping taxation. Tax haven secrecy allows wealthy Americans to hide assets, helps companies manipulate their finances, and fosters the casino economy. McClatchy News reported, for example, how working through Cayman Island subsidiaries, Goldman Sachs “peddled billions of dollars in shaky securities tied to subprime mortgages on unsuspecting pension funds, insurance companies and other investors when it concluded that the housing bubble would burst.”
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