Congress: Let these offshore loopholes expire
Loopholes that let corporations hide money in offshore tax havens are set to expire. Some lawmakers want to keep the loopholes open – and keep them open permanently.
Tax loopholes allow corporations to dodge taxes by hiding profits overseas in places like the Cayman Islands – some very profitable companies pay $0 in taxes. As these loopholes come up for consideration, Congress is faced with a $10 billion choice: Let the corporate tax loopholes expire so multinationals will pay their fair share, or keep them open for multinationals to exploit year after year.