(Source: Bloomberg, February 5, 2013)
NEW YORK — State governments in the U.S. lost $39.8 billion in 2011 because of offshore tax avoidance, according to a study released today. About two-thirds of the lost revenue is from corporations, which can shift profits to low-tax jurisdictions outside the U.S. and avoid paying taxes until they bring the money home. The report was issued by the U.S. Public Interest Research Group, a Washington-based consumer group that often opposes banks and insurance companies. The report shows that states, like the federal government, are harmed by “tax trickery” of multinational corporations.
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