Most of what you've read online about IRS problems is wrong, or at least misleading. I'm Darrin Mish. I practice tax law in Tampa and I've been doing this for 32 years. Here's what's actually true.
No doubt $2.1 trillion dollars is almost impossible to comprehend. However, that’s the estimated amount that corporations have stashed in offshore tax havens.
That amounts to an estimated $620 billion dollars in U.S. tax revenue that remains unaccounted for. While the study was conducted by so-called left leaning non-profits, numbers and stats generally don’t lie. It’s how stats are analyzed that generally needs tweaking. The numbers were calculated from filings by the Securities and Exchange Commission.
Up to 75% of Fortune 500 companies take advantage of tax havens. That’s a lot of money that’s unaccounted for.
Some of the names of the companies at the top of the tax haven list are well known, and include Apple, Microsoft and Pfizer just to name a few. General Electric also has mega bucks stashed away in overseas tax havens. While the U.S. and other countries are working to crack down on tax evasion, tax havens make huge profits in the wake.
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