One of the reasons that the IRS cannot fully clamp down on offshore tax havens is that they may lack the talent and technology resources. Over the past five years, Congress has cut $1.2 billion from the IRS’s budget.
This greatly impedes their ability to go after those entities that have evaded paying taxes. Estimates conclude that $350 billion is left uncollected each year because the IRS’s resources are lacking.
If these debts were collected, the national debt could be tackled and a big dent could be made in it. Nike, Apple, Microsoft, and Amazon are companies that are periodically in the news for allegedly not having paid taxes.
Many major corporations understand the loopholes and are able to keep their money, legally, in other countries. Many also say that corporations pay too much in taxes as it caps off at 35% in the United States.
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Law Offices of Darrin T. Mish, P.A.: Tax Attorney