by: Frank Clemente
Tax Day offers a stark reminder of the difference between those of us who pay all our taxes every year and the big corporations that don't. While families and small businesses scramble to file their returns each April, multinational corporations are free to indefinitely ignore a $700 billion U.S. tax bill they owe on $2.4 trillion in profits stashed offshore.
American corporations owe U.S. taxes on all their income wherever made, but thanks to a loophole called "deferral," they don't have to pay the bill on offshore profits till they bring the money home. Not surprisingly, this special tax break has encouraged companies to hold more and more of their profits overseas.
by: Kelly Vlahakis-Hanks
Most people probably don't check the labels of chemical products they use, or go online to do research about how dangerous certain chemicals are. That's understandable, but it's also a shame, because there are a lot of scary chemicals out there.
Take 1,4-Dioxane. If you haven't heard of it, I'm not surprised. It's a chemical used in some cosmetics, detergents, and shampoos.
It has also been classified as a possible carcinogen. And the agency that's supposed to test chemicals for toxicity -- the Environmental Protection Agency (EPA) -- hasn't. The law that's supposed to regulate toxic chemicals, the Toxic Substances Control Act (TSCA), has failed on this and many other chemicals currently used in commerce.
by: ReShonda Young
Next to Kenya, the United States has become the second easiest place in the world for a criminal or terrorist to open a shell company to launder money, according to a recent academic study.
Terrorists, drug traffickers, arms dealers, corrupt foreign politicians and other criminals regularly set up shell companies here and elsewhere to launder ill-gotten revenues and use that money for further criminal activities. Even those multi-national corporations who aren't using these tax loopholes to fund international criminal activity are still costing individual taxpayers close to $1,500 a year and nearly $4,000 a year for small businesses when they shift their tax responsibilities toward them.
by: Maurice Rahming
It is hard to believe that the second easiest place in the world to run a shady, anonymous, and often criminal corporation is right here in the United States. According to a recent academic study, the United States is second only to Kenya for harboring these shell companies used to launder money and skirt their taxes.
Much like the classic sleight of hand game, companies across the country, including many here in Oregon, are shifting and shuffling ownership and holdings until we lose track of who or where they are.
Criminal organizations regularly set up shell companies to launder ill-gotten revenues and fund their criminal enterprise.
by: Mark Dann, Barbara Mancini
by: Barbara Coombs Lee, Kim Callinan
by: Matthew Gardner
by: Mark Hays
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