New Report Explores the Cost of Tax Havens

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The U.S. PIRG Education Fund released a report today that explores the impact of tax havens, the countries commonly used by unscrupulous individuals and corporations to hide their income from the IRS to evade taxes. The report discusses the estimated $100 billion annual cost to U.S. taxpayers and estimates the amount of additional taxes residents of each state must pay to make up the loss. Some specific examples of companies that seem to make ample use of tax havens are given, including Citigroup, Bank of America and Morgan Stanley and others.

Read the U.S. PIRG report.

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