WASHINGTON - Nearly three-quarters of Fortune 500 companies booked profits to tax havens in 2014, with just 30 companies accounting for 62 percent of earnings stashed offshore, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund and Citizens For Tax Justice. Collectively, the companies reported booking $2.1 trillion offshore for tax purposes.
As the discussion of tax reform heats up, both in Congress and on the campaign trail, this report provides important details about a major problem with the current tax system. The report estimates that based on the low tax rate being paid on these offshore profits, most of which are in tax havens, we could reap $620 billion if corporations were to pay the full rate on those profits.
Lets look at it this way. $620 billion equates to....
- 2,019,200 new jobs based on an hourly wage of $15 an hour.
If we want a real jobs plan in the United States, all we need to do is start collecting the taxes owed on off-shore accounts from the corporate tax cheaters!