Report: Over 8 in 10 corporations have tax havens

Since the US (combined with state taxes) has the highest corporate tax rate in the industrialized world, I don't know why anyone is surprised by this:

WASHINGTON (AP) - Eighty-three of the nation's 100 largest corporations, including Citigroup, Bank of America and News Corp. (NWSA), had subsidiaries in offshore tax havens in 2007, and some of the companies received federal bailout funding, a government watchdog said Friday.

But that wont stop liberal fascists from demagoguing an issue they created. They're solution is to make the US even more unattractive to business and capital.

"Sens. Carl Levin, D-Mich., and Byron Dorgan, D-N.D., who requested the report, have pushed for tougher laws to fight offshore tax havens around the globe. Levin, who leads the Senate Permanent Subcommittee on Investigations, has estimated abusive tax havens and offshore accounts cost the U.S. government at least $100 billion a year in lost taxes. "I think we should take action to shut down these tax dodgers and we will be introducing legislation to do just that," Dorgan said."

Does he mean he wants to shut down the companies themselves? I'll just chalk that statement up to the usual Democrat incoherence and take him to mean the shelters themselves. These economic morons also seem to have a problem distinguishing between legal tax avoidance and illegal evasion.

Several major corporations have announced plans to leave Bermuda, a leading offshore business center, amid the global financial crisis and fears of tighter tax rules. Tyco Electronics Ltd., which makes electronic components, and Foster Wheeler Ltd., an engineering and construction company, are reincorporating in Switzerland - which has a tax treaty with the U.S. - for tax and other reasons. Covidien Ltd., a health care products company, is heading to Ireland.

Gee, what a surprise. But Democrats think it's the victims fault for not standing still while they're plundered by these crooks.

"Anyone may arrange his affairs so that his taxes shall be as low aspossible; he is not bound to choose that pattern which best pays thetreasury. There is not even a patriotic duty to increase one's taxes.Over and over again the Courts have said that there is nothing sinisterin so arranging affairs as to keep taxes as low as possible. Everyonedoes it, rich and poor alike and all do right, for nobody owes anypublic duty to pay more than the law demands."

- Judge Learned Hand(1872-1961), Judge, U. S. Court of Appeals