TAX havens normally represent all the ills, which have
adversely impacted the global financial system. But, for a change, many experts
in the USA appear to be looking at them as the one that may save the First
Economy of the global system from the scary 'fiscal cliff'. If one recalls the
statement of Mitt Romney, offshore cost havens cost the US Treasury as much as
USD 150 bn a year. If the USA negotiates with the tax havens, the American money
if brought back home, may save it from the looming fiscal crisis.
It is
reported that as many as 83 of top publicly-traded corporations in the USA hedge
a major swathe of their income in tax havens. According to USPIRG Report, as
many as 30 of the USA's richest corporations majorly benefited from the tax code
between 2008 and 2010 by claiming tax refunds. The Report underlines that one of
the methods the Google used to save USD 3 bn is called 'Double Irish' as it
involves its Irish and Bermuda subsidiaries.
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