From the Democracy Tree Blog
Michigan’s Offshore Corporate Tax Cheats Revealed…
As reporters pore over the recently leaked “Panama Papers”, searching the massive document dump for names familiar here in the U.S., the Obama administration used the occasion to push for a crackdown on corporate tax inversions — an ongoing problem draining the nation’s economy of revenue by the billions.Inversions are tax avoidance schemes in which corporations affiliate with a foreign holding company as a means to relocate as a phony headquarters overseas to enjoy the benefits of lower tax rates.
Losses to the U.S. tax base are estimated to potentially be well over $100 billion, but GOP defenders of the shell game claim it is necessary because U.S. corporate taxes are too high.
Also in recent news is the story of Johnson Controls, a Wisconsin-based firm that announced earlier this year their intention to merge with Tyco International Ltd. to take advantage of Ireland’s 12.5 percent corporate tax rate. Johnson does plenty of business in Michigan.
For the rest of the story go here> Democrary Tree: Perrigo among Michigan offshore tax cheats |