We’re getting into the time of year when everyone starts fantasizing about the size of their income tax refunds. Most don’t consider what the refunds mean, but since it’s one lump, it isn’t thought of the same way that simply keeping the money over a spread out amount of time is. I guess that’s just how our brains work. Oh, wait, what was this about just keeping the money? We can’t do that! People get locked up for tax evasion!
…but ethereal, legally created quasi-people are a different story:
Most of America’s largest publicly traded corporations — including several that are receiving billions of dollars from U.S. taxpayers to finance their recovery — have set up offshore operations that could help them avoid paying U.S. taxes on their profits, a government study released yesterday found.
American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes, according to the Government Accountability Office.
Of the 100 largest public companies, 83 do business in tax-haven hotspots like the Cayman Islands, Bermuda and the British Virgin Islands, where they can move their income into tax-free accounts. (emphasis mine)
Already have money, but claimed to need money, and got it. Sound familiar?