by: Frank Clemente
Tax Day offers a stark reminder of the difference between those of us who pay all our taxes every year and the big corporations that don't. While families and small businesses scramble to file their returns each April, multinational corporations are free to indefinitely ignore a $700 billion U.S. tax bill they owe on $2.4 trillion in profits stashed offshore.
American corporations owe U.S. taxes on all their income wherever made, but thanks to a loophole called "deferral," they don't have to pay the bill on offshore profits till they bring the money home. Not surprisingly, this special tax break has encouraged companies to hold more and more of their profits overseas.
by: John Cassara
When I was a small boy, I loved the Danish fairy tale by Hans Christian Andersen "The Emperor Wears No Clothes."
Unfortunately, the metaphor could well be used to describe our current efforts to combat international money laundering. The overwhelming majority of knowledgeable observers are unwilling to see what is obvious: our anti-money laundering efforts here and abroad are just a percentage point away from being a total failure.
But, this is not a fairy tale. The worldwide failure to successfully combat money laundering has a dramatic impact. Why? Because outside of crimes of passion -- for example, murder committed in a jealous rage -- criminals, kleptocrats, and some unscrupulous corporations are motivated by greed.
by: Kelly Vlahakis-Hanks
Most people probably don't check the labels of chemical products they use, or go online to do research about how dangerous certain chemicals are. That's understandable, but it's also a shame, because there are a lot of scary chemicals out there.
Take 1,4-Dioxane. If you haven't heard of it, I'm not surprised. It's a chemical used in some cosmetics, detergents, and shampoos.
It has also been classified as a possible carcinogen. And the agency that's supposed to test chemicals for toxicity -- the Environmental Protection Agency (EPA) -- hasn't. The law that's supposed to regulate toxic chemicals, the Toxic Substances Control Act (TSCA), has failed on this and many other chemicals currently used in commerce.
by: ReShonda Young
Next to Kenya, the United States has become the second easiest place in the world for a criminal or terrorist to open a shell company to launder money, according to a recent academic study.
Terrorists, drug traffickers, arms dealers, corrupt foreign politicians and other criminals regularly set up shell companies here and elsewhere to launder ill-gotten revenues and use that money for further criminal activities. Even those multi-national corporations who aren't using these tax loopholes to fund international criminal activity are still costing individual taxpayers close to $1,500 a year and nearly $4,000 a year for small businesses when they shift their tax responsibilities toward them.
by: Maurice Rahming
by: Mark Dann, Barbara Mancini
by: Barbara Coombs Lee, Kim Callinan
by: Kim Callinan, Brad Stuart
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