Saturday, April 26, 2003

Here's one way to help fund the federal govt: cut down on Dubya's tax-cheating friends:

One appropriate way to begin paying the tab would be to crack down on corporations deserting the country in a time of trouble. The IRS estimates that US corporations and rich individuals cost the country about $75 billion a year by setting up phony headquarters or residences in offshore tax havens like Bermuda and the Cayman Islands. Majorities in both houses of Congress voted for legislation sponsored by the late Senator Paul Wellstone to bar these companies from bidding on homeland security contracts, but Republicans stripped the measure from the homeland security bill in closed conference. Among the corporate tax haven users have been Harken Energy, which set up an offshore tax dodge while Bush was on its board, and Halliburton, which under Vice President Cheney's leadership went from nine to at least forty-four offshore tax dodges.