It’s well known that American corporations use off-shore tax havens to shield their profits from taxation. However, a recent report by U.S. Public Interest Group (USPIRG) gives us new details on just how widespread the tactic is and, more importantly, the impact it is having on the funding of education across the country. According to their analysis, this practice reduces tax revenues in the USA by roughly $90 BILLION every year. In Michigan, the impact on education funding is a loss of over $687 million over the past four years.
Americans for Tax Fairness spelled it out in a recent statement: