U.S. multinationals have had a field day avoiding corporate taxes. President Obama wants to close the tax loopholes that enable these companies to pay virtually no taxes on their overseas operations. You may find this hard to believe, but American companies paid an effective tax rate of just 2.3% on the $700 billion they earned in overseas profits in 2004!
As many as 18,000 U.S. companies have set up shop in one building in the Cayman Islands to conduct the biggest tax scam in the world. It seems that U.S. companies can take a tax credit and then accelerate these credits.
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