It must be because they are SO Special!
That instead of investing in the U.S. Economy, instead of kicking in to the U.S. Revenue stream -- they'd rather invest in themselves, using multiple Off-shore Tax Havens instead.
"Special Accounts" that the U.S. Taxman will never see ...
Top Wall Street Banks Stash Billions Of Dollars In Nearly 400 Offshore Tax Havens
by Owen Davis, ibtimes.com -- Oct 06, 2015
Six of the nation's largest banks -- Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley and Goldman Sachs -- utilize a combined 395 known tax havens to avoid potential tax bills in the billions, according to a new analysis.
In total, the big six banks kept $126 billion in cash or cash equivalents in recognized tax havens like Bermuda, Mauritius and Luxembourg.
[...]
"Every dollar in taxes that corporations avoid by using tax havens must be balanced by higher taxes on individuals, cuts to public investments and public services, or increased federal debt," the authors wrote.
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Afterall the U.S. Government always has a Taxpayer of 'last resort'
also known as the working men and women of America ... we can pick up their slack.
Same as it ever was.
Offshore Shell Games -- 2015
The Use of Offshore Tax Havens
by Fortune 500 Companies
Robert S. McIntyre, Citizens for Tax Justice
Richard Phillips, Citizens for Tax Justice
Phineas Baxandall, U.S. PIRG Education Fund
[pg 1]
Executive Summary
U.S.-based multinational corporations are allowed to play by a different set of rules than small and domestic businesses or individuals when it comes to the tax code. Rather than paying their fair share, many multinational corporations use accounting tricks to pretend for tax purposes that a substantial portion of their profits are generated in off-shore tax havens, countries with minimal or no taxes where a company’s presence may be as little as a mailbox. Multinational corporations’ use of tax havens allows them to avoid an estimated $90 billion in federal income taxes each year.
[...]
Most of America’s largest corporations maintain subsidiaries in offshore tax havens. At least 358 companies, nearly 72 percent of the Fortune 500, operate subsidiaries in tax haven jurisdictions as of the end of 2014.
[...]
Approximately 60 percent of companies with tax haven subsidiaries have set up at least one in Bermuda or the Cayman Islands — two particularly notorious tax havens. Furthermore, the profits that all American multinationals — not just Fortune 500 companies — collectively claimed they earned in these two island nations in 2010 totaled 1,643 percent and 1,600 percent of each country’s entire yearly economic output, respectively.
Fortune 500 companies are holding more than $2.1 trillion in accumulated profits offshore for tax purposes. Just 30 Fortune 500 companies account for 65 percent of these offshore profits. These 30 companies with the most money offshore have booked $1.4 trillion overseas for tax purposes.
Only 57 Fortune 500 companies disclose what they would expect to pay in U.S. taxes if these profits were not officially booked offshore. In total, these 57 companies would owe $184.4 billion in additional federal taxes. [...]
[pg 9]
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If you've ever wondered what Bernie Sanders is talking about when he says:
Enough is Enough!
Just check out those links, and get a practical picture of what "getting them to Pay their Fair Share" really means.