Story URL: http://news.medill.northwestern.edu/washington/news.aspx?id=126067
Story Retrieval Date: 5/23/2013 5:35:54 PM CST
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Meaghan M. Norman/MNS
A petition by the "Renew and Rebuild America Now" to crack down on tax haven loopholes
Cheating Uncle Sam
by Meaghan M. Norman
April 15, 2009
Tax havens are incredibly popular for U.S. corporations. More than 80 percent of domestic-based companies keep offshore accounts
WASHINGTON - President Barack Obama's controversial budget is being debated in Congress. One provision of the plan would cut down on the number of U.S. companies that hold tax-free offshore bank accounts.
Last year, nearly 100 billion dollars in tax revenue was "lost" so honest taxpayers were burdened with extra debt.
An organization called "Renew and Rebuild America Now" is lobbying to get rid of this loophole and force the renegade corporations to own up to their responsibilities.
