What America Could Buy With Offshore Tax Money

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The federal government forgoes billions of dollars in revenue each year due to corporate tax write-offs and loopholes enshrined in America’s tax code. The Government Accountability Office estimates that we lose out on $181 billion as a result. Some of our tax credits ostensibly serve a social good, such as the credit for low-income housing investment. But other parts of the corporate tax code encourage companies to hide their profits in offshore tax havens. The revenue lost through this loophole is $65 billion a year, according to the National Priorities Project. (Other estimates are much higher.)

Here are some of the ways we could be spending those lost dollars.

(AP Photo)

(AP Photo/Tony Dejak)

(AP Photo/Andy Manis)

(AP Photo/Brett Coomer)

(AP Photo/Mary Altaffer)

(Photo: Chris Radburn/PA Wire)

(AP Photo)

All figures from the National Priorities Project.

John Light is a writer and journalist sometimes based in New York. He writes a lot about climate policy, both inside and outside of the US. He was a former associate digital producer for Moyers & Company. His work has been supported by grants from The Nation Institute Investigative Fund and the Alfred I. duPont-Columbia Awards, and has been included in ProPublica's #MuckReads collection. You can follow him on Twitter at @LightTweeting.
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  • Marty Paquin

    65 billion a year written off due to loopholes. why isnt anything done about it and why arent the loopholes closed? obviously the people stashing their money off shore can afford to pay taxes they have just chosen not to. they should be arrested, the money seized and they should be thrown in jail.

  • Anonymous

    as Thelma
    explained I cannot believe that a stay at home mom can make $7420 in four weeks
    on the internet . more info here R­e­x­1­0­.­C­O­M­

  • Basking

    Nothing is done because they are the 1%. Why was Bernie Madoff the only one imprisoned during the financial crisis? Because he stole from the 1%.

  • James_R

    We’d collect an extra $65 billion and spend an additional $100 billion. That has always been the case. Too bad we have an $800 billion dollar deficit.

  • Sharon Bridger

    Congress is too concerned about keeping their cushy jobs, if they can really qualify as a job since they only work half of the year. The other half is spent trying to raise money to keep their cushy job. They are bought by corporations to keep from reforming the complicated tax laws. Most of them probably don’t think about, don’t have the smarts to realize how we can fix our fiscal problems.

  • Anonymous

    Nothing is done because the jack@$$es in congress are some of the business owners enjoying the loophole.

  • Vycky Snypes

    Not to mention all the Corp. getting back more then they pay into the IRS, while declaring huge profits!