Taypayer's Trillion Dollar Offshore Travesty
Offshore Tax Havens
According to Oxfam, the 50 biggest U.S. businesses have stashed $1.4 trillion in tax havens around the world. Higher than the GDP of the Netherlands, that sum does not count towards U.S. tax. Many of the companies (including Boeing, General Electric and Apple) stashed massive sums of money overseas, despite receiving extensive taxpayer support that sometimes ran into billions of dollars. Between 2009 and 2014, Bank of America was subsidized to the tune of $3.5 trillion and it has $17.2 billion held in tax havens offshore.
Description
This chart shows federal loans, bailouts and loan guarantees to U.S. companies and money held offshore.
