Republican presidential candidate Donald Trump said he would end the use of international tax havens by American corporations. However, he has money invested in 22 of the top 30 companies that hide money offshore to avoid paying taxes.
Citizens for Tax Justice released a report detailing the amount of offshore subsidiaries that the companies hold. The top 30 companies collectively had 1,225 offshore subsidiaries holding more than $1.4 trillion. Citizens for Tax Justice estimated that the amount of money hidden offshore doubled from 2008 to 2014. This practice shifts the tax burden from companies to working-class Americans.
“These offshore strategies have shifted the tax burden from big international companies like the Googles and the Apples to small businesses, the middle class and poor people,” said James Henry, senior fellow at the Columbia University Center on Sustainable Development. “What’s replaced it is income and sales tax.”
Trump says he wants to hold companies accountable for their taxes. However, his stake in Apple, Google, and Goldman SAchs makes many question whether he is genuine.
For more on this story, visit CBS News “Trump has profited from companies that stash cash abroad”