Commentary: Overseas tax havens hurt Main Street
July 27th, 2010
McClatchy-Tribune News Service
By Chuck Collins | Institute for Policy Studies
These days, the local businesses in your neighborhood probably pay a higher percentage of their income in taxes than U.S. Fortune 500 companies.
Over the last two decades, multinational companies have taken advantage of huge tax loopholes, moving income and assets between foreign subsidiaries to dodge taxes. Responsible Main Street businesses and individual taxpayers are stuck with the tab, paying the taxes that contribute to a healthy business climate and economy.