Actually, these are household names like GE, Exxon, Goldman Sachs, etc. with enormous net sales in U.S. markets sitting on about $2 Trillion in cash in offshore tax havens like the Cayman Islands.
The money is not there because they do business in the Cayman Islands. The Cayman Islands has no market share of consequence. Why is the money there?
More importantly, how did it get there? The $2T in cash didn’t materialize out of thin air. The money is profit by any measure that was shifted into offshore subsidiaries and reclassified as something other than profit for the purpose of EVADING TAXES.
Who here thinks Cayman Islands tax shelters are okay? Really, I’d like to know.
Surveyor?
EconProf?
I run a business. We are profitable. We pay taxes. We don’t use Cayman Islands tax havens.
Close out the tax loopholes for big corporate multinationals.
Not sure how anybody with even half a brain could argue otherwise.
