Bringing Us Together, VIII: We’ll Remove Bermuda, Ireland, Too

By May 6, 2009General

The White House has edited a fact sheet it distributed Monday with the President’s news conference on global taxation of business, basically dropping a bullet point that the Dutch and Irish had objected to. Thank goodness we still have the Cayman Islands to beat up on. (For previous posts, click here.)

White House Fact Sheet, Monday, May 4, “Leveling the Playing Field: Curbing Tax Havens and Removing Tax Incentives For Shifting Jobs Overseas

o       In 2004, the most recent year for which data is available, U.S. multinational corporations paid about $16 billion of U.S. tax on approximately $700 billion of foreign active earnings – an effective U.S. tax rate of about 2.3%.

o       A January 2009 GAO report found that of the 100 largest U.S. corporations, 83 have subsidiaries in tax havens.

o       In the Cayman Islands, one address alone houses 18,857 corporations, very few of which have a physical presence in the islands.

o       Nearly one-third of all foreign profits reported by U.S. corporations in 2003 came from just three small, low-tax countries: Bermuda, the Netherlands, and Ireland.

White House Fact Sheet, Wednesday, May 6, “Leveling the Playing Field: Curbing Tax Havens and Removing Tax Incentives For Shifting Jobs Overseas

o       In 2004, the most recent year for which data is available, U.S. multinational corporations paid about $16 billion of U.S. tax on approximately $700 billion of foreign active earnings – an effective U.S. tax rate of about 2.3%.

o       A January 2009 GAO report found that of the 100 largest U.S. corporations, 83 have subsidiaries in tax havens.

o       In the Cayman Islands, one address alone houses 18,857 corporations, very few of which have a physical presence in the islands.

UPDATE (2:35 p.m.): No questions asked at White House press briefing.

Here’s a relevant story

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